Shawbrook Bank is acquiring The Mortgage Lender as it looks to position itself in front of a "much wider" intermediary audience.
The specialist savings and lending bank has agreed to buy the specialist intermediary mortgage lender for an undisclosed sum.
According to Shawbrook, the acquisition will extend its property finance division’s product range and “significantly” increases the bank’s distribution network.
John Eastgate, managing director of Shawbrook Property Finance, said the acquisition positioned the bank in front of a “much wider” intermediary audience.
He added: “The combination of the two businesses creates an even more powerful force in the specialist lending market. The breadth of the product range and strong digital capabilities makes the Group relevant to effectively all mortgage intermediaries in the UK.”
The acquisition is expected to complete next month, and comes after the bank took a minority share in TML in 2018.
Peter Beaumont, chief executive of TML, said it was “business as usual”, with the lender retaining its brand.
He added that the deal would underpin its growth and proposition expansion.
Mr Beaumont continued: “The backing of an established retail savings franchise provides us with the security that will help us to grow, and to challenge the larger players.
“But it’s very much business as usual. We will be retaining our brand and will be a separate regulated entity, however we will soon begin to leverage from all Shawbrook has to offer to make our business stronger and more successful.”
chloe.cheung@ft.com
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