60 seconds with... Stephen Johnson
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New business director, Shawbrook Bank
Why did you decide to rebrand Whiteaway Laidlaw to Shawbrook bank?
Whiteaway Laidlaw was a legacy brand and having combined three businesses over the course of the year, it was always our plan to come up with a new brand and strategy to reflect what we’re trying to build. Our vision for Shawbrook is for it to be a specialist bank focussing on traditional banking and working with our broker partners. Not to mention the fact that it is also easier to pronounce and spell for email addresses.
Why did you decide to enter the bridging market?
It’s an extension of what we’re already doing. Shawbrook’s core proposition is term lending and a fair proportion of the clients we’re lending to are high net worth investors. A lot of them are coming to us having already acquired property with some short-term funding. So it seemed to us that short-term was a natural extension - to start the relationship with clients a little earlier in their journey.
What do you make of the recent warnings from the Association of Mortgage Intermediaries and the regulator about the bridging market?
Everybody has talked long and hard about the use of bridging finance and regulated advisers need to be mindful of how they’re using it. It’s a good product for the right client and the nervousness concerns whether it is always used in the right way. Every time I see a sound bite about how the market is busy because banks aren’t lending it makes me nervous, because if the high street banks aren’t lending then how will clients exit the loan?
Do you have any plans to offer first charge mortgages?
The mortgage market isn’t outside the realm of possibility, but it’s not something we have immediate plans to do. It’s difficult to see where we would operate in the main residential market if I’m honest. We’re keen on our secured lending proposition and believe that this type of product has a more important role to play in the mortgage market.
Do you have any secret talents?
I used to be a scratch golfer, so I could play without a handicap.
Apart from property what’s been your most expensive purchase?
Cars - before I had a family to support I had a Porsche 911. I’m now firmly back in family SUV territory.
Interview by Robert Thickett
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