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Ask the expert: Mortgages in Dubai

Buying a property with finance in Dubai is easier than you think! We asked Graham Brown, mortgage consultant at our preferred mortgage partner, MENA Mortgage Services to give us the low down on all things mortgages in Dubai.

1. Tell us about MENA mortgages and the benefits to using a mortgage advisor instead of just using your bank?

MENA Mortgage Services, are an independent mortgage broker service. Our role is to fully understand a client’s circumstances and profile and then recommend the most suitable finance option. We also have access to exclusive mortgage products which could have lower rates of interest for processing fees or better overall general terms and conditions than if the client approaches the bank themselves. Once the client has chosen their preferred bank we will then manage the process right up until the client takes ownership of the property.

2. What do I need to get a mortgage in Dubai?

A lot will depend on a client’s circumstances but typically as an employee you will need 6 months of salary history and as a business owner your company must have been operating for at least 2 years.

3. How much do I need to put down as a deposit?

Expats: For their first mortgage a minimum of 25% deposit is required up to a property value of AED 5 million, above AED 5m this increases to 35%.

For any subsequent mortgages then the minimum deposit is 40%.

Emirati Citizens: The minimum deposit is 20% up to a property value of AED 5m, increasing to 30% above AED 5 million.

Again its 40% for any subsequent mortgages.

4. What type of mortgages are available?

There are 3 distinct types of mortgages available in the UAE:

Variable rate which will change depending on what happens to interest rate
Fixed rate where you payment are fixed for specified period of time
Hybrid mortgage products available which are a mixture of a fixed and variable rate

What is best will depend on the client’s circumstances and requirements.

5. Please can you give us a step by step of the mortgage process?

Every case can be different but there is a set structure that all the bank will follow.

– First the client will apply for a ‘pre-approval’ this is where we submit a set of documents to the chosen bank so they can provisionally approve the mortgage
– Client finds a property and signs the sales contract
– The bank will then instruct an independent surveyor to visit the property and produce a valuation report
– Providing everything is satisfactory with the valuation report the bank will then issue a final written offer which is the formal contract between the bank and the client

If you are interested in applying for a mortgage or would like accurate and unbiased advice, contact Graham Brown on +971 (0) 569418380 or email info@hmshomes.com