Deutsche Bank’s new lender named
It has also confirmed the recruitment of a UK mortgage lending team, which will be led by Bill Dudgeon as managing director. Dudgeon is joined by Mark Bergin as sales and marketing director, Paul Graham, who will be operations director and David Parry, who will take the position of director of credit and risk. All four previously held similar positions at The Mortgage Business (TMB). A date for launch has yet to be confirmed.
The team will work within Deutsche Bank’s mortgage-backed securities business reporting to Jeff Stolz, managing director and head of the UK and European mortgage origination principaling business.
Dudgeon said: “The business will be totally broker introduced. At TMB we had no heavy adverse products; we dealt more with the specialist niche sectors like buy-to-let and self-cert. But we will be covering the whole market at Deutsche. We are confident about the launch and will have competitive, attractive rates.”
However, one source has warned that the new lenders coming into the market may have more work on their hands than expected, as networks are concerned about putting them on their panels.
He explained: “Some networks are saying the new start-up lenders are by no means guaranteed to get onto their lender panels. They want to ensure their members have consistency and the lender is in it for the long-term. Are they in it for the £1 million and will then leave the market? This is the concern.”
Bill Warren, director of The Complete Network, said: “A lot of networks are having a hard look at their product providers and asking if they are getting value for money, and removing lenders and other providers accordingly.”