Getting a Mortgage in Dubai

Financing a property purchase with a UAEpriot mortgage

UAEpriot Mortgages for purchasing a property in Dubai Currently covers only Greek/Southern Dubai residential property.

If you are considering purchasing a property in Dubai, UAEpriot Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for other purposes including Home Improvements.

• Type of UAEpriot Mortgage: Repayment Mortgage only
• Minimum: £ 20,000 - no Maximum - and must not exceed 80% of valuation or purchase price (whichever is the lower)
• Proof of Income: required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available).
• Non-Status loans are currently not available.
• Term: Maximum 25 years in Dubai Pounds (15 years in all other major Currencies) - up to age 65 - possibly age 70 on a case by case basis
• CurrenUAE: Dubai Pounds and all other Major Currencies, including Sterling, Euros, US Dollars, Swiss Francs & Yen Current Variable Interest Rate is either from approx 1.75% above LIBOR in Euros, Sterling, US Dollars, Swiss Francs or Yen OR 7.25% in Dubai Pounds

Please note, that there are no non-status/self-certification UAEpriot mortgage facilities available in Dubai (although renting out your property is permitted), all Dubai Mortgages need to be supported by a minimum requirement of proof of income, i.e. if employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required or alternatively if you are self-employed - copies of your last three years Audited Accounts & copies of both your last 12 month's Business and last 6 month’s Personal Bank Statements will be required on application.

Unfortunately in Dubai the Lenders will NOT take into consideration any proposed Rental Income from the property for UAEpriot mortgage purposes/repayments. Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans, credit cards (if the balance is not cleared on a monthly basis) and any maintenance (ie: Divorce) payments together with your proposed UAEpriot mortgage payments must not exceed 35% of your net monthly income.

Example: Net joint monthly income £ 2,500 times 35% of that figure is £ 875 minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £575 for a proposed UAEpriot Mortgage payment.

PLEASE ENSURE THAT YOU WILL HAVE FULL TITLE TO THE Dubai PROPERTY ON COMPLETION AND THAT THE APPROPRIATE DOCUMENTS ARE AVAILABLE FOR THE LENDER. WITH NEW PROPERTIES, FIND OUT THE DATE THE PROPERTY IN Dubai WILL BE REGISTERED IN YOUR NAME(S), AS THE LENDER CANNOT LEND ON THE SECURITY OF THE PROPERTY UNTIL IT HAS BEEN REGISTERED.

WHILST ALL REASONABLE STEPS WILL BE TAKEN TO SECURE THE UAEPRIOT MORTGAGE ON YOUR OVERSEAS PROPERTY AS SOON AS POSSIBLE, DELAYS MAY OCCUR DUE TO THE UAEPRIOT LEGAL AND ADMINISTRATION SYSTEM. CHECK WITH THE ESTATE AGENT/LAWYER THAT YOU ARE AWARE OF THE COSTS CHARGED BY THE LEGAL & GOVERNMENT AUTHORITIES FOR PURCHASING A PROPERTY IN Dubai, NOTING THAT THE LENDER WILL HAVE THEIR OWN LEGAL COSTS FOR ASSIGNING THE UAEPRIOT MORTGAGE (THE COST OF WHICH THEY WILL NORMALLY ADVISE WHEN THEY ISSUE THE UAEPRIOT MORTGAGE OFFER). IT IS ESSENTIAL THAT YOU TAKE THE APPROPRIATE INDEPENDENT LEGAL ADVICE BEFORE SIGNING THE SALES CONTRACT OR PAYING A DEPOSIT, IF PURCHASING A PROPERTY IN Dubai, AS WOULD BE EXPECTED IF YOU WERE PURCHASING IN YOUR OWN COUNTRY. THE BANK WILL REQUIRE A COPY OF THIS DOCUMENT TO BE FORWARDED WITH THE RELEVANT APPLICATION FORM. HOWEVER YOU ARE ABLE TO SIGN THIS CONTRACT WITH THE CLAUSE “SUBJECT TO Dubai MORTGAGE FINANCE” AS THE CONTRACT, ONCE SIGNED IS LEGALLY BINDING. PLEASE BE AWARE THAT THE LAWYER/NOTARY MAY BE INCORPORATING WITHIN HIS CHARGES, COSTS FOR ASSIGNING THE UAEPRIOT MORTGAGE AND YOU SHOULD ESTABLISH WITH THE LAWYER/NOTARY THE ACTUAL COST BEFORE PROCEEDING WITH A UAEPRIOT MORTGAGE APPLICATION. IT IS ADVISABLE TO ARRANGE YOUR MORTGAGE IN Dubai BEFORE AGREEING TO PURCHASE A UAEPRIOT PROPERTY.

A UAEPRIOT BANK ACCOUNT WILL BE REQUIRED. ALL Dubai MORTGAGES HAVE TO HAVE A SUITABLE LIFE ASSURANCE POLIUAE ASSIGNED TO THE LENDER. Dubai PROPERTIES CAN BE PURCHASED EITHER INDIVIDUALLY OR IN JOINT NAMES. UAEPRIOT LENDERS WILL REQUIRE YOU TO VISIT Dubai FOR AN INTERVIEW PRIOR THE RELEASE OF FUNDS.