Deutsche Bank enters Britain’s mortgage market, launching regulated product

Deutsche Bank Wealth Management has announced it will offer regulated mortgages to its private banking clients in Britain.

Clients looking to buy houses in the UK and borrow £3m or more at competitive loan-to-value and interest rates will be able to use the product. The wealth manager will roll it out to clients who want to buy houses in nine other jurisdictions, including France and Italy.

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.

Head of Deutsche Bank Wealth Management in the UK Michael Morley said: “This offering is a gamechanger 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 move follows a series of new appointments in London to bolster the firm’s capabilities in mortgage lending. It appointed Saydam Salaheddin from Credit Suisse as head of real estate for Europe and James Lockyer as head of UK regulated mortgages from SG Kleinwort Hambros.

Global head of lending & deposits at Deutsche Bank Wealth Management 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.”