Dutch securitisation market diversifies as mortgages decline
The Dutch securitisation market has seen a significant diversification, with residential mortgages losing their dominant share. Other loan types, particularly from non-banking entities, have gained prominence, despite an overall decline in outstanding volumes since 2020.
Non-bank loans reshape market
The Dutch securitisation market is undergoing a significant transformation, marked by a pronounced decline in securitised residential mortgages, particularly those for owner-occupied properties.
Securitisation volumes for buy-to-let mortgages, which had increased between 2020 and 2025, have recently fallen back, influenced by factors such as increased rent control and higher taxes.
Concurrently, other loan types, including car loans, consumer loans, and business loans (such as equipment leases for SMEs), have gained considerable prominence.
This growth is predominantly driven by non-banking entities, such as consumer credit and leasing firms.
These firms leverage securitisation to pool and resell previously granted loans, thereby broadening their funding base and securing access to capital market financing.
This diversification trend mirrors a similar, though less pronounced, shift at the European level.
The proportion of residential mortgages in Dutch securitisations has fallen to 71 percent, moving closer to the overall European market's approximately 50 percent.
Volumes rebound after 2024 turnaround
Despite the diversification, the overall volume of outstanding Dutch securitisations sold to investors decreased from €38.0 billion in 2020 to €29.6 billion in 2025.
However, a notable turnaround began in 2024 and continued into 2025, albeit to a lesser extent.
This recent growth is primarily attributable to the increased securitisation of loans other than residential mortgages.
As a direct result of this shift, the total outstanding volume of securitisations reached €3.5 billion higher, representing a 14 percent increase, by 31 December 2025 compared to 31 December 2023.
This indicates a structural change in the market composition, with new types of assets compensating for the decline in traditional mortgage-backed securitisations.