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Deutsche Bank Wealth Management has entered the UK mortgage market this week, where it will provide mortgages for those who want to borrow £3m or more.
The bank, which specialises in banking for high net-worth individuals, now offers regulated mortgage products for those wanting to borrow a minimum of £3m to buy properties in the UK and imminently in nine other counties, including France, Italy and Spain. The Deutsche Bank mortgage offering will also include mortgage refinancing and equity release.
Commenting on entering the UK mortgage market, Michael Morley, head of Deutsche Bank Wealth Management in the UK, 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.”
Although Deutsche Bank will be entering a niche area of the UK mortgage market, it comes at a time of intense competition between providers, which has seen some – such as Tesco Bank – exit the mortgage market. Saying this, those who are high net-worth and looking to borrow substantial amounts for a mortgage often have difficulty finding providers willing to lend such sums so Deutsche Bank’s entry into this part of the market will be welcome news.
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