I know a few people are worrying about mortgage interest rates and are hesitating buying property because of that so let’s put the increases it in perspective. There are loads of complex and jargon-heavy articles in the financial press but we’re busy this time of year so this is a simple guide to what has been happening and why it’s not as bad as it may look.
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.
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.
EDIT 2017. This has been superseded by a more recent article
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.
Changes to the way in which UK mortgages are underwritten, which came into effect in April 2014 under the guidance of the Financial Conduct Authority, have made it harder to anyone to obtain a mortgage and the options are even more limited for expats.
As mentioned in the article on mortgages from early October, the Central Bank has announced restriction on the percentages that people may borrow when purchasing property in the UAE.
