Getting Mortgage Ready In Dubai

If you are like most people, you will need to apply for, and secure a mortgage in order to buy your new home. Before you fall in love with your dream property, you’ll have to be sure your finances are in place. An experienced mortgage broker can offer you so much at this stage. Getting that all-important mortgage can be challenging, so you need an experienced advisor in your corner who knows all the pitfalls and obstacles you can run into.

You will be faced with so many choices during the early stages. Should I choose a fixed or variable mortgage? How much can I borrow? How long will it take me to pay off the loan? Your independent broker will advise you on each of these issues. In the meantime, it’s a good idea to start getting mortgage ready and putting yourself in the best possible position to secure that loan.

Questions to consider early in the mortgage process:

• Are you in permanent/regular employment with a steady income? To obtain a mortgage you must have completed any probation period and you should have at least six months of continuous employment depending on the industry you work in.

•Can you demonstrate your ability to repay? You can do this by showing a strong savings history and strong payment history on a monthly basis.

• Do you have enough money set aside for the downpayment? You will be required to have between 20% and 30% of the purchase price of the property you intend on buying. If the property value is below AED5M the bank will finance 80% of the property price and the purchaser will have to pay a downpayment of 20%. If the property value is above AED5M the bank will finance 70% of the property price and the customer will have to pay a downpayment of 30%.

• Can you show lenders evidence of savings that demonstrates solid financial planning and an ability to manage money?

• Have you started gathering the required documentation? This includes a copy of your Passport, Visa, Emirates ID, 6 months’ bank statements, 6 months’ payslips & a current dated salary certificate.

How we can help:

At Espace Real Estate Mortgages, we understand that securing your first mortgage is one of the biggest financial decisions you will make and can be a complex process. To get the best deal possible, you need an expert in your corner that you can count on at every step. We’ll guide you through the entire process and liaise with all banks in the UAE to guarantee our applicants with the best deals on the market. Get in touch with us today on 04 306 9999 or email mortgages@espace.ae.and give yourself the best possible chance of getting the right mortgage for you.