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Shawbrook Bank has acquired The Mortgage Lender for an undisclosed sum underpinning its plans to grow market share in residential and buy to let markets.
The deal, which has regulatory approval, provides TML with balance sheet funding for its existing specialist, intermediary-only mortgages alongside the ability to expand its product range in the future.
TML chief executive Peter Beaumont said: “The deal is great news for TML, our broker partners and borrowers. We’ve worked closely with Shawbrook Bank for the last three years, it’s a progression of that partnership and a great strategic and cultural fit for both businesses.
“It provides the strength of a retail funded bank for our buy to let and residential propositions together with the ability to expand our product range in the future.
“It’s very much business as usual. We are retaining our brand, will operate as a separately regulated entity and are recruiting to support existing borrowers and increased lending volumes.
“We will also be investing in the business to accelerate our digital transformation and build on our success as an originator in the specialist intermediary-only mortgage market.”
Shawbrook Chief Executive Officer, Ian Cowie commented: “The acquisition is an exciting and unique opportunity for both Shawbrook and TML, and will help to drive further growth in our Property Finance franchise.
“TML is a highly respected business and is already well known to us given the successful partnership we’ve developed over the past three years. The acquisition offers strong strategic alignment, adding significant depth and expertise as well as access to adjacent specialist markets. It will also serve to maximise the benefits of investment in our digital capabilities and enhance our offering to intermediaries.”
The Mortgage Lender founder and chairman Trevor Pothecary said: “I am proud the company I envisaged over six years ago has grown into a thriving specialist mortgage lender. We are delighted to become part of Shawbrook Bank which marks the next chapter in our growth and is an exciting time for our team, intermediary partners and customers.”
The Mortgage Lender was formed by Trevor Pothecary, in 2015, a former chief executive of Mortgages Plc. Its management team also includes chief executive Peter Beaumont who was on the board of Mortgages plc, Keith Street, former head of Kensington Mortgages, as chief commercial director, Hugh Meechan as chief operating officer and David Newman as chief financial officer.
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