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There are a lot of components to understand: interest rates, amount of borrowing, mortgage calculators, costs, fixed and variable products and more! White & Co Mortgage Service offers exclusive products and services which will save you thousands in upfront costs and interest throughout the duration of the loan.
Whether you want to compare mortgage rates, work out ‘how much can I borrow?’ or establish what mortgage deals are available to you, our mortgage advisors have the skills, knowledge, and lender relationships to turn your property aspirations into a reality.
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Arranging a mortgage can be complicated and time-consuming, so it's best to work with a broker who understands the financial implications, technical jargon, and the appropriate procedures to follow in Dubai. Your mortgage broker's connections will be very beneficial in Dubai, as solid working relationships with money lenders are required to get the best deals.
Considering that not all banks and building societies can provide such low rates, working with a mortgage broker in Dubai with a vast network of contacts could be your best option. To save you the time and hassle of negotiating, your broker will approach each lender on your behalf.
For properties financed by a mortgage or home loan, you must pay a Mortgage Registration Fee to the DLD (0.25% of the mortgage amount value plus AED 290 in administrative costs). Your property brokers may charge a 2% agency fee, which is negotiable. Mortgage brokers provide rates ranging from 0.4% to 1%. The amount mortgage brokers charge varies, but if they are independent, it is unusual for them not to charge a fee.
The standard approval time for a mortgage is 2 to 6 weeks. On average, you should wait up to two weeks while the mortgage lender surveys the property and underwrites your loan.
Your income and liabilities primarily determine the amount you can borrow. The maximum loan-to-value (LTV) for an expat is 80%, and the maximum LTV for a UAE national is 85% for properties priced under AED 5 million. This drops to 70% LTV for expats and 75% LTV for UAE citizens for properties over AED 5 million.
Depending on your specific circumstances, different documents may be required, but mortgage brokers can review this with you.
For your mortgage, the following paperwork is typically needed: