Mortgage Refinance
Nov 20th 2016, 6:53 pm
#1
Forum Regular
Thread Starter
Joined: Nov 2016
Location: Dubai
Posts: 50
Mortgage Refinance
A tip from my personal experience that may be useful to some.
If you are on a legacy mortgage, you may be paying a higher interest rate than the current market rate. Your bank will generally be unwilling to change it. That attitude changes once you ask them about mortgage buyout from another bank. That in itself may trigger an offer of a reduced rate.
To play the game better, you can go in to your bank and request a liability letter. This is the document used for loan buyout, It shows you are serious about it. Your bank's loan retention team will kick into action. Pay the charge of about dh150 as a punt to save you 000s in interest.
You may need a story about the other bank. NBAD had a good offer recently where they offered 2.94% fixed for 1 to 2 years, and they paid most of your fees. Get them or a mortgage broker to advise you of the best deal and help you with the cost-benefit analysis.
NB do not actually go ahead with refinance. That would expose you to the incredible incompetence of the banks here. It's just not worth it. Negotiate with your current bank instead.
Hope this is helpful.
If you are on a legacy mortgage, you may be paying a higher interest rate than the current market rate. Your bank will generally be unwilling to change it. That attitude changes once you ask them about mortgage buyout from another bank. That in itself may trigger an offer of a reduced rate.
To play the game better, you can go in to your bank and request a liability letter. This is the document used for loan buyout, It shows you are serious about it. Your bank's loan retention team will kick into action. Pay the charge of about dh150 as a punt to save you 000s in interest.
You may need a story about the other bank. NBAD had a good offer recently where they offered 2.94% fixed for 1 to 2 years, and they paid most of your fees. Get them or a mortgage broker to advise you of the best deal and help you with the cost-benefit analysis.
NB do not actually go ahead with refinance. That would expose you to the incredible incompetence of the banks here. It's just not worth it. Negotiate with your current bank instead.
Hope this is helpful.
Nov 21st 2016, 4:54 am
#2
BE Forum Addict
Joined: Jul 2008
Location: Dubai
Posts: 2,843
Re: Mortgage Refinance
do you only have one eye?
Nov 21st 2016, 4:56 am
#3
BE Forum Addict
Joined: Oct 2015
Location: Abu Dhabi via Barcelona
Posts: 1,478
Nov 21st 2016, 5:43 am
#5
BE Forum Addict
Joined: Oct 2015
Location: Abu Dhabi via Barcelona
Posts: 1,478
Re: Mortgage Refinance
Just keeping the British end up mission.
