International Spanish Mortgages Solutions Spain

Personal, Professional & Independent Mortgage Advice.

Loan to Values

There are very few lenders in Dubai but you can achieve up to 70% of valuation or purchase price whichever is the lower for off plan properties and 70% of valuation if the property is a resale fully built more than 12 months before.

Dubai Mortgage Product Ranges

Loans are granted on a variable basis and repayment only. The loan will be linked to the prevailing Inter-bank rate at time of application and the loan can be taken in a variety of currencies. The margin above the Inter-bank rate will be 2.5%.

Mortgages only cover certain developments and developers so you should check eligibility of the development you are interested first. The security on these developments is sufficient for a bank to place a loan so this in turn means your security of ownership etc is 100%.

Term

You can obtain a mortgage for a term of 15 years up to the age of 70 when the bank will want the loan to redeem fully.

Costs

Total purchase and finance costs will equate to approximately 7% of the purchase price.

There are no government taxes but you will need to expect.

Transfer costs from seller that can range from 1% to 7% dependant on seller

Purchase registration costs 1.5% of purchase price

Mortgage registration costs approximately 0.25% of lending

Bank arrangement fee 1% of lending

Mortgage placement fee 0.50% of lending

Valuation fees

Currency

You can select to have the loan in

Sterling

Euros

US Dollars

Singapore Dollars

AUD, NZD and CAD

Yen

Swiss Franc

Underwriting Criteria

The bank will expect to see that existing and new debt payments do not exceed 50% of net after tax income.

Benefits of raising finance in Dubai

Selection of currency to suit your circumstances

Asset and debt held outside of country of residency

Security of ownership

Standard Non Resident Document requirements for Dubai mortgages

Employed

Last 3 months payslips

P60

Employers reference stating role and salary

Last 6 months bank statements

Self Employed

Accountant's certificate

Last 6 months bank statements

Latest self assessment tax return

If you would like to speak to a lawyer who can assist with your legal requirements in Dubai please link to our lawyer page.

UK: +44(0) 1462 481133 | Spain: +34 902 517 007 | Email: advice@imsmortgages.com

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