The deal provides The Mortgage Lender with balance sheet funding for its existing specialist, intermediary-only mortgages
Shawbrook Bank has acquired The Mortgage Lender for an undisclosed sum, expanding its market share in the 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.
Shawbrook has confirmed that the existing TML brand will be retained.
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, and Keith Street, former head of Kensington Mortgages, as chief commercial director.
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.
Shawbrook CEO, 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.
He said, 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.