The deal has provided TML with balance sheet funding for its existing, specialist intermediary-only mortgages and has provided it with the ability to expand its product range in the future.

TML said the acquisition would also enable it to develop plans to grow its market share in the residential and buy-to-let markets.

Peter Beaumont, TML chief executive 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.”

Beaumont sent reassurance that despite the acquisition, it was very much ‘business as usual’. He confirmed TML would be retaining its brand and would operate as a separately regulated entity.

What’s more it was also recruiting to support existing borrowers and increased lending volumes.

“We will also be investing in the business to accelerate our digital transformation and build on our success as an originator in the specialist intermediary-only mortgage market,” he added.

Meanwhile, Ian Cowie Shawbrook’s chief executive officer, said: “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.

“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.”

Finally, Trevor Pothecary, founder and chairman of TML offered his seal of approval for the deal. He said: “I am proud the company I envisaged over six years ago has grown into a thriving specialist mortgage lender.

“We are delighted to become part of Shawbrook Bank which marks the next chapter in our growth and is an exciting time for our team, intermediary partners and customers.”