Shawbrook completes acquisition of specialist lender

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Shawbrook completes acquisition of specialist lender
Shawbrook has completed the acquisition of Bluestone Mortgages

Shawbrook Group has completed its acquisition of the specialist mortgage lender Bluestone Mortgages.
 

Since the acquisition was agreed to back in March, Shawbrook Group has confirmed that all necessary regulatory approvals have now been received and that the acquisition has been completed.

This news was welcomed by Shawbrook Group chief executive Marcelino Castrillo who said: “Bluestone Mortgages is a respected name in the UK mortgage market and a brand that we know fits exceptionally well into the Shawbrook family given the successful relationship we have developed over the past six years.

“The two organisations share an approach to providing specialist finance at scale, which combines technology and data with the expertise and judgement of their people.”

Castrillo additionally stated that the “best of both” model is “key” to delivering a seamless digital experience with swift decision making and certainty of funding and that the acquisition will help Shawbrook deliver an even stronger proposition to homeowners across the UK.

Bluestone Mortgages chief executive Steve Seal said: “Today is a significant milestone as we embark on the next chapter of our growth journey.

“We have a proven track record of providing brokers with innovative lending solutions to meet their customers’ unique financial needs, particularly those who either choose to work for themselves or who have complex credit histories.”

Seal also said Shawbrook had been a long-standing strategic partner for many years and, by combining Bluestone’s proposition with the additional capabilities and funding certainty the group can provide, the mortgage lender is now “well positioned” to offer a stronger proposition to a growing number of customers.

Bluestone Mortgages, a specialist mortgage lender focused on owner-occupied mortgages, launched in the UK in 2015.

tom.dunstan@ft.com