When it comes to buying property in the UAE, the viewing and choosing is the fun part but don\u2019t let that override the importance of securing the best mortgage deal for you, because with over 30 providers today and that number continually on the rise, it really does pay to shop around.\u00a0These are our top tips for finding a\u00a0<\/strong>mortgage in Dubai<\/strong><\/a>:<\/strong><\/p>\n\n\n\n It is better to get your mortgage in place before you select the property you wish to buy. Once you have your approval in principle, you know exactly how much you can borrow which will help narrow down your viewings and once your property has been chosen, the process to close the deal with be quicker and easier. Not having an approval in principle could mean that you lose out on a property as you\u2019re not in a position to bid or that you lose the 10% deposit required to secure a property, if subsequently, your mortgage application is turned down.<\/p>\n\n\n\n Be wary when researching mortgage providers, that there is sometimes a discrepancy between how much they will allow you to borrow and how much of your income you really want to go towards your monthly mortgage installments. Use our\u00a0mortgage calculator<\/strong><\/a>\u00a0to work out what your repayments will be and don\u2019t borrow more than what you are comfortable paying back, even if a bank may offer you more. According to the Central Bank, your monthly mortgage installments and other debt repayments, should not consume more than 50% of your income. Use our\u00a0income to debt ratio calculator<\/strong><\/a>\u00a0to see if you’re under the 50% threshold.<\/p>\n\n\n\n There are maximum loan limits in place \u2013 expats can borrow up to 75% of a property\u2019s value, and locals 80% for first time purchases \u2013 and for further purchases this drops to 65% and 70% respectively.<\/p>\n\n\n\n Don\u2019t just opt for a loan from your existing bank. This may be the easiest way but with so many options on the market, mortgage products are competitive with varying rates, features and benefits, so it really does pay to do your research. Use yallacompare.com to compare all the leading products on the market<\/p>\n\n\n\n Alternatively, work with an Independent Mortgage Advisor who can take the hard work out of your hands for a minimal fee. Mortgage Advisors often have access to better deals as well and can help you with your application, insurance, salary transfers and collating the paperwork required.<\/p>\n\n\n\n Don\u2019t be afraid to haggle. If you don\u2019t ask, you don\u2019t get! If you find a great deal from one lender, ask another if they will match it. Lenders won\u2019t normally cut their headline rates but they may offer a lower fee. Bear in mind that your personal situation will affect the type of loan you can get. If for example, you have a long-term stable job and a family, you might be seen as a less risky applicant over a single individual who hasn\u2019t been long in the UAE.<\/p>\n\n\n\n1. Get Approval First<\/h3>\n\n\n\n
2. Act With Caution<\/h3>\n\n\n\n
3. Know The Maximum<\/h3>\n\n\n\n
4. Compare The Market<\/h3>\n\n\n\n
5. Get Help<\/h3>\n\n\n\n
6. Use Your Bargaining Skills<\/h3>\n\n\n\n
7. Property Type<\/h3>\n\n\n\n