Deutsche Bank’s wealth management branch yesterday announced the launch of a service to offer regulated mortgages to private-banking clients in the UK.
The move from Deutsche Bank Wealth Management marks the largest step for the firm in extending its European footprint into the UK. However, the new offering will only be available to clients who wish to borrow £3m or more at competitive loan-to-value and interest rates, typically to purchase properties in the UK and imminently in nine other jurisdictions, including France, Italy and Spain.
The new offering will also cover mortgage refinancing and equity release, as well as being prepared to “dry lend”, offering large mortgages without requiring assets under management for clients wishing to build a wider wealth management relationship.
Commenting on the move, Deutsche Bank Wealth Management UK head Michael Morley said: “This offering is a game-changer for Deutsche Bank Wealth Management in the UK and demonstrates our commitment to this market.
“Our sophisticated clients are increasingly coming to us looking for higher value borrowing for principal private residences, high value buy-to-let properties and commercial buildings here. We’ll now be able to meet the full spectrum of their needs in the UK, putting our deep international experience and investment banking capabilities to work on their behalf.”
The firm has recently made a number of new appointments in London to build up Deutsche Bank Wealth Management’s capabilities in mortgage lending. These hires include Saydam Salaheddin, previously at Credit Suisse, who has taken on the role of Head of Real Estate for Europe, and James Lockyer, previously at SG Kleinwort Hambros, who will be reporting to Salaheddin as Head of UK Regulated Mortgages.
New arrivals also include Justin Minien, formerly at Metro, who will support Matthew Spencer, Head of Intermediaries, in working with mortgage brokers.
Global head of lending and deposits Balaji Prasanna added: “Our strength in providing lending and liquidity solutions is a key differentiator for our business and I am confident that this decisive step into real-estate lending will give us another significant way to engage with our clients and provide market-leading solutions that few competitors can match.”
On the announcement, equity release adviser Key CEO Will Hale said: “Wealth managers are increasingly recognising that their clients need support with property investment and access to a growing range of borrowing options including equity release. Deutsche Bank Wealth Management’s launch into the regulated mortgage market is further evidence of the shift in the market and a very welcome development.
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