Globaleye.com

Globaleye were guest speakers at the International Real Estate Agents Forum (IREAF) 2006 at the Fairmont this week. We were asked to cover the issues surrounding obtaining finance for property purchase in Dubai and in particular the pitfalls when securing a mortgage. We were asked to expand on how we arrange 100% finance for our clients.

There is a Mortgage section in the site and you can download our Mortgage Questionnaire if you would like a quote or indeed provisional approval. If you would like to know what are the questions that Property Buyers should ask in order to find out all the hidden costs of a mortgage, then

ere are a number of costs involved in obtaining a mortgage with a lender in Dubai and that’s before you even look at interest rates. The key areas to look out for are:

• Insurances – are they mandatory and what will they cost?
• Processing Fees – how much, and is it refundable?
• Valuation fees by a surveyor – do you get to choose your surveyor?
• Early settlement penalties – we’d all love to pay off the mortgage early but how much will it cost?
• Interest Rates – fixed or variable?
• Is it Islamic finance or conventional forms of fiancé?
• What is the difference of Murabaha or Ijara finance?
• Do you know the impact Islamic finance should you default?
• Can you use an Offshore Company to secure your finance>
• Is the Loan to Value (LTV) available based upon market value or independent valuation? (Bear in mind that independent valuations can come in around 10% lower than market value).
• Is it mandatory to make mortgage payments from a specific bank in Dubai? (Most lenders stipulate that you must have an account with their favoured bank).
• Can I move my mortgage to another lender if I find a better offer?

If you need help – contact us today 8004558