Whether it’s property investment or you’re buying a home, it’s likely that you’ll need a home loan (or mortgage).
Making sure you get the best possible mortgage rate is important to ensure you don’t spend more than you have to on interest repayments (have you tried our mortgage repayment calculator?). To get a good mortgage, you need a good broker but if you’re hoping to find the best mortgage consultancy in UAE, you’ll have to do your research first.
Acquiring a mortgage in Dubai for expats was always less straight-forward than if you were in the UK. However, today there are over 30 mortgage lenders in the UAE, so finding the best solution is easier said than done. You can compare mortgage rates online yourself by using a comparison website like Souqalmal or yallacompare, however these sites are purely transactional and they do not always list all mortgage companies.
A mortgage broker works for you to find a solution that fits your specific requirements. Using a broker that is independent is essential as it means they are not tied to any single provider and can get you the best mortgage deal.
A mortgage adviser can also offer you help and advice on remortgaging a property and equity release.
Make sure to ask your mortgage adviser how many providers they work with.
Fees vary depending on the broker you’re dealing with so it’s essential to ask for a full breakdown of their charges before they commit to the work. Meet with a couple of brokers so that you can compare costs before making a decision.
Mortgage advice in the UAE could cost as much as AED10,000 if charging a fixed fee. Some advisers will also charge a percentage of the mortgage (usually 1%).
Make sure that when you’re looking for a mortgage consultant they have the necessary qualifications to give you advice. Mortgage consultants in Dubai should have completed the Certified Mortgage Broker Course (CMB) issued by Dubai Real Estate Institute as a bare minimum.
If you are looking for expat mortgage on a UK property, your mortgage advisor should hold a Certificate in Mortgage Advice and Practice (CeMAP) or equivalent.
Another important thing to check is that the broker and company they work for is properly licensed by the regulator.
Profezo lists all professional mortgage brokers in UAE, so that choosing an adviser is quick and easy. You can either browse approved mortgage brokers or you can select one to contact yourself. Most importantly, Profezo screens all of their listed professionals to ensure they are qualified, regulated and trusted.
Using a mortgage calculator is a great tool for finding out the amount you can afford to borrow as it calculates your monthly interest and capital repayments. Mortgage Finder provide the best mortgage calculator for UAE residents, which you can use by clicking here.
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