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Indian banking giant eyes UK mortgage market

One of the largest private banks in India is eyeing a launch into the UK buy-to-let market.

Axis Bank already has one branch in the UK, based in the City of London, and offers savings accounts, life insurance and investments.

The bank says it is evaluating a launch but that there is no firm launch date. 

But recruitment consultants are actively looking for a UK head of mortgages for the Mumbai-based bank.

One of the recruiters told Money Marketing sister publication Mortgage Strategy the role “will include setting up the entire mortgage division and managing performance and development.”

The Buy to Let Business managing director Ying Tan says: “If a new lender is going to jump into the market then that has to be a good thing in terms of competition.

“Any foreign lender joining UK buy-to-let will need to speak to the right distributors and get the right processes in place – things may work very differently here from their domestic markets.”

Separately, State Bank of India has begun lending to landlords again, after pulling out of new lending in September 2012.

It is running a pilot scheme through two branches, with plans to roll out lending from all 10 of its UK branches. The company has no plans to lend through brokers.

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