Shawbrook Group finalises acquisition of Bluestone Mortgages

Posted on:
June 1, 2023
Posted by:
Bluestone Mortgages

Bluestone Mortgages Limited (‘BML’), the specialist lender, has today announced the completion of its sale to Shawbrook Group plc (the Group). The business has been acquired from Bluestone’s holding company, Bluestone Investment Holdings. 

With offices in London and Sheffield and a headcount of around 100 employees, Bluestone Mortgages has originated over £1.9bn since its launch, and currently manages a book of over £1.3bn residential loans.

The specialist lender is recognised in the industry for its commitment to helping underserved customers secure a mortgage through its holistic underwriting approach and its investment in technology to improve the mortgage application journey, with the recent launch of its digital platform Bluesky. 

As part of the acquisition, Bluestone Mortgages will continue day-to-day business operations as usual, led by the company’s existing management team. The business will continue to trade under the Bluestone Mortgages brand, but will now also benefit from the financial strength of Shawbrook as it looks to accelerate its growth plans and support the growing number of customers who do not fit the vanilla lending profile of mainstream lenders. 

Steve Seal, CEO, Bluestone Mortgages, 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. Shawbrook has been a long-standing strategic partner for many years and, combining our proposition with the additional capabilities and funding certainty the Group can provide, we are now well positioned to offer an even stronger proposition to a growing number of customers.”

Marcelino Castrillo, the Group’s Chief Executive Officer commented: “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. This ‘best of both’ model is key to delivering a seamless digital experience with swift decision making and certainty of funding. This acquisition will help us to deliver an even stronger proposition to homeowners across the UK.”

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