the big nowhere

hi,wondering if anyone has any advice on how to obtain a mortgage for buying a house in dubai....cheers

NedKelly63

Banks are usually good for that type of thing

Eva

serc-y or sarc-y?

NedKelly63

I mean really!

Why would it be any different in Dubai as opposed to anywhere else.

Eva

You missing your Thursday nite out?

Maybe OP inquiry is a little more specific in regard to which Bank has best rate etc.That said,your reply was funny.

NedKelly63

I certainly am missing my Thursday night out.

OP's inquiry should be a bit more specific e.g. I've looked at this deal from bank A, and that deal from bank B. I've got £xx,xxx for a deposit. Can any developers guide me with finance options? etc.

There are just too many people expecting to be spoon fed.

the big nowhere

hi...just looking for info re. rates and deals....we haven't needed a mortgage for the last 14 years...so all a bit new to us again....do we borrow in local currency or in sterling,dollars....we have no idea....so anyone with any experience of getting a mortgage ? we are keen to buy,as renting is just money down the drain........cheers.

Border Reiver

A mortgage in Dubai would be in Dhs. Firstly you need to decide where you need to live as not all lenders lend on all developments. Secondly, deposits can be big- you need to plan on having up to 20%, depending on the lender, although some lenders on some developments will require less. Back to firstly.... Finally, interest rates tend to be on the high side- 7% plus, although shopping around might find you a lower one.

Amlak and Tamweel are two of the biggest lenders- have a look at their websites.

Meow

Your mortgage options are limited by the developer you are buying from (even in the secondary market) as each lender has a list of acceptable developers/developments.

Most mortgages are in dirhams with interest rates around the 7 - 7.5% mark. Max salary multiple is five times annual income, less existing commitments. You will usually need a deposit of at least 20%. Arrangement fees are usually 1% with various other fees.

Mortgages in other curencies (Sterling, Euros, Swiss Francs, US Dollars etc) are available with strict criteria, but are worth considering if eligible as interest rates are lower and there are more options regarding repayment methods.

Feel free to PM me if you are interested in pursuing this matter.

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The Dean

Be careful - a lot of local developers have 'finance deals' with banks, but many of the banks are themselves funded by non-local banks who have been hit by the credit/mortgage/sub-prime crunch....... it is by no means clear that these developers have any kind of finance experience of their own, so they rely on the banks who haven't got the lendable cash they used to have.......

And although it was a COMPLETELY different type of situation, the Deyaar Properties fiasco shows how easy it is for the wheels of the apple cart to hit the buffers and come off the bandwagon..........

(NB: This post contains confusing mixed metaphors.....)

the big nowhere

...many thanks,these websites are excellent....lots of good stuff......

the big nowhere

many thanks for the advice..........