Tag Archives: Dubai Mortgages

Need to know: Your financial priorities

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Many of us muddle through our financial lives, not focusing on what matters the most, so this article is designed to help you sort out your financial priorities.

You have probably thought that there are some issues you need to address but it is common to be stuck in limbo, not quite sure what to tackle first, or a to have a vague to-do list but are unsure where to start.

I am often asked what are the most important topics to focus on so this is a guide to what you may need to look at if you haven’t reviewed your personal finances before, or haven’t done so for some time. What should you do now and what is most important?

All too frequently I see people who have been sold long-term savings plans without having been given the right advice to address more immediate issues. The most important consideration is to focus on what could go wrong tomorrow and then to take steps to protect you and your family. This doesn’t have to be expensive but this is what proper, ethical, financial planning is all about.

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UAE Public holidays for 2018

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These are the official dates of public holidays for the UAE for the coming year so you can make a note in your diary now and plan ahead. Actual days off work for both the public and private sector will vary but these are the dates announced by the UAE Government so far.

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Need to know: VAT in the UAE, what it means for individuals

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We have known about the introduction of VAT on 1st January 2018 since early 2016 but the official guidance and final rules have not long been issued. There seems to be a fair amount of misunderstanding as to how it will work, and who and what, will be affected so this article, is an overview of some of the facts.

Businesses should be taking professional advice on the topic, so I won’t be going into detail in here, as this article is designed as an overview for individuals only.

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News: New UK mortgage options from just £30,000

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For a long time now the minimum mortgage available for non-residents looking to buy property in the UK was £100,000 but we can now arrange mortgages from just £30,000.

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A guide to buying property & getting a mortgage in Dubai

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Buying a property in the UAE can be daunting, especially for the first-time buyer. Expats have only been able to buy here since 2001, and only in specific areas, so many people are unfamiliar with the process as it can be quite different to a home country. As buying a home is the largest purchase most of us will ever make, it is important to get the facts.

I have an excellent in-house mortgage department and we can walk you through the full process from finding a property, getting mortgage approvals, the final offer, to dealing with the Land Department at completion.

This article is a guide to what you need to know when buying property in Dubai. I have already written an article on the buying process in the UK and there will shortly be another about the tax issues to consider in respect of UK property ownership.

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An expat’s guide to buying property in the UK

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No matter what is happening in the rest of the world, interest in the UK housing market remains strong with many people looking to buy a property as part of their portfolio of investments, or as a future home.

For expats, it is harder to obtain a UK mortgage but I work with an excellent mortgage broker with the largest panel of lenders of any broker working with GCC clients

This article is a guide to what you need to know when buying property in the UK and there will shortly be two companion pieces, one about buying in Dubai and another about the tax issues to bear in mind in respect of UK property ownership.

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UAE mortgages and beyond…

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I would like to let everyone know that I now have a dedicated in-house mortgage desk which can source a wide range of products and services from the whole of the market.

If you are interested in buying a new apartment or villa, refinancing, or would like to release equity from an existing property, we can assist. The strong and well-established relationships we have with some of the leading banks in the UAE means we can access the best rates, along with the best service.

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Mortgages – here, there & everywhere

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Property has once again become a hot topic in the UAE. Since ownership of apartments and villas was made available to non-GCC nationals in 2002 the UAE property market has grown incredibly fast as shown by the huge rate of development inland, as well as along the coast. Despite the downturn a few years ago which left many people with burnt fingers, many analysts believe that the price increases we are now seeing are based on more substantial fundamentals. Whilst this may be the case, I would still urge caution.

And if not buying here, many people are keen to buy in their home country or to buy a house in a place where they might like to retire to. It’s not just an Englishman’s home that is his castle and we all want to own the roof over our heads one day.
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News: Further restrictions on UAE mortgages – edited 21/01/13

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EDIT 21st January 2013

According to an article published by Zawya issued today taken from Reuters:

“The United Arab Emirates central bank will not impose limits on mortgage lending without consulting commercial banks, and any new rules are not imminent, central bank governor Sultan Nasser al-Suweidi was quoted by a local newspaper as saying….
….But Suweidi was quoted as saying by Al Ittihad newspaper on Monday that there had been a “misunderstanding” in the media and that no central bank ruling had been issued, only a warning to banks to be prepared for rule changes in the future.”

This is rather strange as I have a copy of the notice that was issued to all banks and after it has set out the revised loan to value limits,  it clearly states that “all  banks and finance companies are required to comply with this notice”.

It seems that some back tracking is taking place…

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Original post 31/12/12

Yesterday the UAE Central Bank issued a circular, to take immediate effect, limiting mortgage borrowing to no more than 50% of the value of the property for expats. This was largely unexpected and lenders are having to change their offerings immediately as many were previously lending 70-80% of a property’s value.

It appears that pre-approvals for higher loan to value mortgages are also being withdrawn and that will leave many people unable to proceed with a purchase. It will also severely restrict the remortgage market.

It appears that the Central Bank intended to stop the aggressive lending that fueled the boom years in the UAE property market and led to significant bad debts across the banking sector, something many are still saddled with.

The circular states that mortgages for expatriates are being limited to 50%
for their first property, and those to UAE nationals at 70% of the property’s value. For subsequent units, expats can borrow up to 40% with UAE Nationals being restricted to 60%.

There have been several claims recently that the UAE property market was showing an upturn, but this news will surely halt that as fewer people will be able to afford such large deposits and for the same reason will reduce the secondary market.

It’ll certainly be interesting to see the reactions of interested parties over the next few weeks. Happy New Year!

keren@holbornassets.com

dubai property