Shawbrook is becoming a bigger player in the buy to let lending market following the acquisition of specialist lender Bluestone Mortgages.
Launched in 2014, BML is a well-established brand in the UK specialist residential mortgage market. Working with a large network of brokers, BML supports customers which don’t fit the traditional profile of high street banks.
The specialist mortgage market is expected to grow substantially over the long term, driven by increasing numbers of people choosing to work for themselves or in sectors where incomes are complex.
Bluestone Mortgages has originated over £1.8 billion since its launch and currently manages a book of over £1.3 billion residential loans. The growth of the business has been supported by an experienced team which today stands at around 90 employees based in offices across London and Sheffield.
Shawbrook chief executive Marcelino Castrillo says: "Bluestone Mortgages is a well-established brand in the UK specialist residential mortgage market, and by bringing the two organisations together, we can use our combined capabilities and scale to offer an even stronger proposition to UK homeowners.
“Driven by increasing numbers of people choosing to work for themselves or in sectors where incomes are complex, we anticipate significant long-term growth in the specialist mortgage market. With both Bluestone Mortgages and The Mortgage Lender brands combined with Shawbrook’s strong and stable balance sheet, the Group is very well placed to consistently meet this growing demand.”
And Steve Seal, Bluestone Mortgages’ chief executive officer, comments: “Shawbrook has been a long standing strategic partner for many years and joining the Shawbrook Group is a natural step as we continue to grow and develop the business. We have exciting growth plans and the support available from Shawbrook will help to accelerate these, enabling [Bluestone] to provide innovative lending solutions to the growing number of customers who will need the support of a specialist mortgage lender.”