UAE Finance?

[george27]

Hi people,

How do you go about financing a investment property in the UAE? I am from the UK and im looking for a suitable mortgage provider to buy in UAE Ras Al Khaimah. can any body refer me to a suitable lender or are there any developments where the developers offer finance like a non status payment plan???


Thanks George

[Roshan]

Originally Posted by george27

Hi people,

How do you go about financing a investment property in the UAE? I am from the UK and im looking for a suitable mortgage provider to buy in UAE Ras Al Khaimah. can any body refer me to a suitable lender or are there any developments where the developers offer finance like a non status payment plan???


Thanks George

George,

You can contact John Charcol, Global eye in the U.K. Finance houses in Dubai will not give you mortgage unless you have worked for 6 months.

Unlike in the UK where you can approach anybody to mortgage your house, in the UAE the developer will have to be on the approvd list before you can even think of speaking to them.

The mortgage in UAE is still in it's state of infancy and you cannot except anything much from them.

The easy way out is to take a refinance on your property in the UK. John Charcol & Global eye have such kind of facilities.

Good luck.

Roshan

[Rammah]

Originally Posted by george27

Hi people,

How do you go about financing a investment property in the UAE? I am from the UK and im looking for a suitable mortgage provider to buy in UAE Ras Al Khaimah. can any body refer me to a suitable lender or are there any developments where the developers offer finance like a non status payment plan???


Thanks George

If you invest in a DAMAC property, we offer you a mortgage option with lenders in the UAE [interest rate about 9%]. The problem you face is that we don't have anything in Ras Al Khaimah.

I am in touch with several mortgage brokers within the UK, and I am getting hints from them that in the very near future, they may start getting mortgages from the UK lenders for properties in Dubai. If you wish, PM me your details and I can get one of them to contact you to go through a case study. He called me yesterday to tell me that he has a UK lender telling him to submit a complete case for their consideration.
I passed on a lead to him already, and I'm waiting to hear the result. If you wish to potentially become the first person to succeed in doing that, just let me know.

Best regards,


Rammah
07825107389

[DoBuy]

Originally Posted by Roshan

George,

You can contact John Charcol, Global eye in the U.K. Finance houses in Dubai will not give you mortgage unless you have worked for 6 months.

Unlike in the UK where you can approach anybody to mortgage your house, in the UAE the developer will have to be on the approvd list before you can even think of speaking to them.

The mortgage in UAE is still in it's state of infancy and you cannot except anything much from them.

The easy way out is to take a refinance on your property in the UK. John Charcol & Global eye have such kind of facilities.

Good luck.

Roshan

I'm sure that UK residents can get mortgages in Dubai.I asked when I was over there and was told its ok.So what services do Global Eye offer?
Personally I have a small mortgage on my house and just took out 'additional borrowing' with Nationwide to the max of 4.25 x my wages to buy in Dubai.I told them what I was using the money for.

[Rammah]

Originally Posted by DoBuy

I'm sure that UK residents can get mortgages in Dubai.I asked when I was over there and was told its ok.So what services do Global Eye offer?
Personally I have a small mortgage on my house and just took out 'additional borrowing' with Nationwide to the max of 4.25 x my wages to buy in Dubai.I told them what I was using the money for.

The additional borrowing was made from your mortgage lender [nationawide]? something like releasing equity at a remortgage stage?

If not, was it a loan? what's the interest rate they are charging you?

Thanks,
Rammah

[DoBuy]

Originally Posted by Rammah

The additional borrowing was made from your mortgage lender [nationawide]? something like releasing equity at a remortgage stage?

If not, was it a loan? what's the interest rate they are charging you?

Thanks,
Rammah

It isnt a loan but more like releasing equity but not a re-mortgage.Interest is 6.99 although when I have borrowed my max I can re-mortgage at 5.83(fee of £599) or 6.13(no fee).I may go to another building society if rates are cheaper.Unfortunatly I have to sell a studio because the max I can borrow(4.25 x wages)is not enough so am going to try to finance the rest in Dubai.Do you know any mortgage brokers over there who can deal with it for me?

[Rammah]

Originally Posted by DoBuy

It isnt a loan but more like releasing equity but not a re-mortgage.Interest is 6.99 although when I have borrowed my max I can re-mortgage at 5.83(fee of £599) or 6.13(no fee).I may go to another building society if rates are cheaper.Unfortunatly I have to sell a studio because the max I can borrow(4.25 x wages)is not enough so am going to try to finance the rest in Dubai.Do you know any mortgage brokers over there who can deal with it for me?

Do you have to pay the interest only for few years and then pay the capital when you re-sell what you've bought? or you repay monthly?

I knew someone who can help you with dubai mortgages and lenders, and he was based in the UK. I'll try to get his details and pass them to you.

[DoBuy]

Originally Posted by Rammah

Do you have to pay the interest only for few years and then pay the capital when you re-sell what you've bought? or you repay monthly?

I knew someone who can help you with dubai mortgages and lenders, and he was based in the UK. I'll try to get his details and pass them to you.

I was not able to take out an interest only mortgage for the extra amount I borrowed so its a straightforward re-payment mortgage.However,you've just made me think that if i re-mortgage I may be able to do so on interest only which would help me so thanks for that.Appreciate the name of your contact also.

[Roshan]

Originally Posted by DoBuy

I'm sure that UK residents can get mortgages in Dubai.I asked when I was over there and was told its ok.So what services do Global Eye offer?
Personally I have a small mortgage on my house and just took out 'additional borrowing' with Nationwide to the max of 4.25 x my wages to buy in Dubai.I told them what I was using the money for.

As far as my knowledge goes UK residents getting mortgages in Dubai through Dubai based local finance houses is not possible, so was I told by the local banks out here.

However international banks like Barclays, Lloyds could consider giving you a mortgage even if you are based in the UK as these banks are based in the UK and are in a position to study your profile and offer you finance, at times taking your house as a colatteral. I am not sure of this and needs to be checked.

However brokers like John Charcol have tied up with National bank of Dubai to extend leverage to the UK based customers.

Global eye are basically international mortgage brokers who will collect your details and negotiate with the finance houses and get you the best deal, so they claim. In other words they take over your headache of finding a mortgage.

In Dubai a refinancing option is calculated on the current value of the property - mortgage x a factor which is usually around 80%. I intend taking advantage of the refinancing option once my properties are into the market. No questions asked where you want to use it. Have you considered something like this. I think this is considered like an over draft which you can pay whenever you want to and not on monthly installments. Got to check this out with my friend who did this.

Rgds

Roshan

[DoBuy]

Thanks Roshan,
I will contact them and see how they can help me.