Deutsche Bank Wealth Management has announced its entry into the UK mortgage market by offering regulated mortgages to its private banking clients in the country.
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 cover mortgages on private residences, high value buy-to-let properties and commercial buildings both in the regulated and unregulated markets, as well as mortgage refinancing and equity release.
This offering is a gamechanger for Deutsche Bank Wealth Management in the UK and demonstrates our commitment to this market"
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."
Deutsche Bank has made a series of hires in London to build up the bank's capabilities in mortgage lending, including 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.