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UBS plans move into mortgages

UBS is looking to launch into mortgage broking with former Chelsea Mortgage Management consultant Jay Williams leading the proposed arm.

The firm is understood to be focusing on lucrative high-net worth clients, particularly existing clients who use UBS for its wealth and asset management capabilities.

Jay Williams left Chelsea Mortgage Management shor- tly before its merger with Cobalt Capital in July and also worked briefly for Savills Private Finance. He is listed in UBS’s directory as a member of the wealth management business.

UBS’s experience in the mortgage market goes as far as lending and retail mortgages in Switzerland only. In the UK, it offers advice on estate planning, asset management and corporate finance.

UBS declines to comment on whether it is entering into mortgage advice. Spokesman Charles Gorman says: “I can confirm that Jay has joined UBS but I can give you no further details on his role.” Williams was unavailable for comment.

Savills Private Finance head of international division Mike Boles says: “I fail to see what the financial logic is for them to enter mortgage advice.”

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