Securitisation market diversifies; residential mortgages lose their dominance

Securitisation market diversifies; residential mortgages lose their dominance

News Read aloud New figures from DNB show that the composition of the Dutch securitisation market has changed significantly in recent years. Whereas this market previously offered mainly securitised residential mortgages, it now offers a much broader mix of loans.

Published: 08 April 2026

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In total, the share of loans other than mortgages rose from 12% to 29% between 2020 and 2025, with their outstanding volume almost doubling to €8.5 billion. They include, for example, car loans and consumer loans.

Source: DNB statistics

At De Nederlandsche Bank, we independently compile statistics on the Dutch financial sector and economy. This article is based on these statistics. More information on our statistics and all dashboards can be found on our Statistics homepage.

Share of residential mortgages in the securitisation market has fallen...

Traditionally, the Dutch securitisation market has largely consisted of packaged residential mortgages traded on financial markets. Since peaking in 2007, the volume of these securitisations has fallen sharply, partly due to stricter regulation and the wider access to more favourable alternative forms of financing. In particular, covered bonds backed by residential mortgages, which Dutch banks have been issuing since then, are a significant factor.

What are securitisations?

Lenders seeking to (re)finance loans or transfer risks can raise funds by selling bonds to investors, for example in the form of securitisations. For our purposes, securitisations are previously originated loans, repackaging as bonds by special purpose entities. This news item examines their outstanding volume, which is the difference between securitisations (bonds) issued to date and the repayments made on them. Furthermore, this concerns exclusively securitisations sold to investors, rather than retained by the issuer itself.

The securitisation market can play a role in a European capital markets union to stimulate investment, as mentioned in Mario Draghi's report 'The future of European competitiveness'. This is because securitisations can be used to spread risks and release funds for fresh investment.

The decline in securitised residential mortgages is even more pronounced when looking solely at mortgages for owner-occupied properties. This is because securitisations of buy-to-let mortgages – for properties that are not occupied by the owner but are let out – increased between 2020 and 2025, although they fell back somewhat in the last two years. This can be explained by increased rent control and higher taxes, which have made buy-to-let mortgages less attractive, among other factors.

...whereas other loans from non-bank have gained in prominence

At the same time, the use of securitisations has increased in recent years for other types of loans, such as car loans, consumer loans and business loans, including equipment leases by SMEs.

This growth is mainly driven by non-banking entities – firms that provide financial services but are not formally banks, such as consumer credit companies and leasing firms. By pooling and reselling the loans they have previously granted, these parties broaden their funding base and gain access to capital market financing. This enables them to extend even more new loans.

A similar shift towards more and different types of loans is also evident at European level, although less pronounced. The share of residential mortgages in European securitisations was already lower than in the Netherlands. With the proportion of residential mortgages falling to 71%, the Dutch market has moved somewhat closer in line with the European securitisation market as a whole (around 50%).

Outstanding securitisation volumes are even lower than in 2020, but have grown in recent years

The volume of outstanding Dutch securitisations sold to investors fell from €38.0 billion in 2020  to €29.6 billion in 2025.

However, a turnaround can be seen in 2024 onwards, which continued to a lesser extent in 2025. This recent growth is mainly due to the increase in securitisations of loans other than residential mortgages. As a result, the total outstanding volume of securitisations at 31 December 2025 was €3.5 billion higher (+14%) than at 31 December 2023.

More information

• Table 9.5 Securitisations of mainly Dutch assets, by issuance and asset type
• News item: Significant growth in securitisations after years of contraction

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