This equates to over £500m of consumer deposits.
Alan Cleary, managing director of Precise Mortgages, said: “We became a bank because we understand that diversification of funding is critical.
“One of the lessons learned from the financial crisis is that capital markets and the securitisation markets can be unpredictable.
“Having access to consumer deposits gives us more options which in turn benefit the mortgage intermediary, as well as our borrowers.”
Challenger Banks are being cited as occupying 90% of the places in the Best Buy tables for savings accounts and that without this group of providers the situation for savers could have been a lot worse.
Cleary added: “We are focused on delivering lots of new mortgage products and improving our service to both mortgage intermediaries and borrowers across our residential, buy-to-let, bridging and second charge product ranges.”
