STEP 2 OF 4

You’ll need a deposit amount of AED 18,000. Do you have this?

STEP 3 OF 4

Do you have an existing mortgage in UAE?

STEP 4 OF 4

Are you Salaried or Self Employed?

Stuart Roe

Head of Mortgage Services

Allsopp & Allsopp Mortgage Services

Allsopp & Allsopp Mortgage Services is in place to aid buyers in their search for a mortgage. Our Mortgage services team are highly experienced and can offer helpful advice when you are looking to purchase your first home.

The Mortgage team have built relationships with different banks over the years and can advise you on which would work best for your needs.

real-estate-brokers-stuart-roe-allsoppandallsopp-dubai
Stuart Roe
Head of Mortgage Services
  • Phone
  • WhatsApp

The benefits of using an Independent Mortgage Consultant

You begin your search to buy your dream home by browsing online through property portals at houses for sale in your favourite areas of Dubai - this, of course, is a good starting point, however, are you looking within your budget?

The importance of securing a mortgage pre-approval before beginning the search to buy a property is imperative. Even if it may seem premature wouldn’t you like to know exactly how much money you have to play with and not get your hopes up by looking in areas well above your budget, or perhaps the opposite – you have a larger budget than you first thought.

Our dedicated in-house mortgage team is on hand to support and assist you when it comes to finding the right mortgage.

Benefits of getting a pre-approval at the beginning of your property search

The benefits of a pre-approval are undoubtedly endless and essential for home hunters. If you already have a pre-approval in place you know your affordability when beginning your property search. You have solid knowledge in place of what fees are expected upfront and be clear on how much cash you will need to complete a transaction.  Additionally, you will know how much your monthly repayments will be thus giving you confidence when communicating with agents and negotiating with sellers.

As well as this, when the right property comes along, you are in the best possible position to make an offer. You are ready to take the next step and avoid lengthy delays if you were to then approach a bank to start the pre-approval process.

The advantages of a pre-approval are also of many benefits to sellers. A seller will appreciate the readiness of the buyer when an offer with a pre-approval is presented. If you are a seller you don’t only look to get the best price for your property but want to make the process of selling as simple as possible for yourself and the buyer. A buyer with a pre-approved mortgage is ideally the perfect patron for you.

As a buyer, you save yourself the heartache when you find your dream home only to lose it because you didn’t have a mortgage pre-approval in place at the time of placing an offer.   

Taking out a bank loan is a very big decision and often one that comes with apprehension and stress.  Team this up with the decision of which property to buy, which area to buy it in and how much to spend is a massive life event and generally the biggest life decision you will make.

So many buyers make the mistake of viewing and offering on a property without having a pre-approved mortgage in place. This only leads to delays and a seller not taking the offer seriously and ultimately ends in a competitive buyer purchasing the property.

Benefits of you using a mortgage broker

In order to get the best advice when making such a paramount decision, it is advisable to go through a mortgage broker. They have a wealth of knowledge, experience and are on hand to guide you through the process.

To most people, two of the most valuable things in life are time and money, luckily by using a mortgage broker you can save on both! A good mortgage broker can potentially save you thousands in upfront costs and much more over the duration of the loan by investing time in you to pinpoint your needs and how best to suit them.”

As a result of the vast amount of business mortgage brokers put through the banks, they have access to certain products and services which can save you a lot of money, including offers of zero processing fees with select banks and even reduced interest rates.

A highly professional mortgage broker will speak to all the banks across the market on your behalf. If you were to go directly to the bank, they will only offer you their services, which might not be the best for you, resulting in you to trailing around different banks to find the best option.

The existing relationships that the mortgage broker has built over time with the banks is extremely valuable when negotiating the best deal for you. They aim to make the process as hassle free and relaxed as possible.

Getting the pre-approval is only the first step in the mortgage process and there are plenty of hiccups that can occur along the way. Whether it could be amendments to a banks terms and conditions, a low valuation that needs to be challenged, a non-resident seller with no bank account, troubles involving the NOC, liability letters expiring, or a multitude of other potential obstacles a mortgage broker will work closely with their in-house sales progression team to guide you through the entire experience and make sure your interests are protected at all times.

Your Questions Answered

Your borrowing limit depends on your current income and existing liabilities. This may vary from bank to bank.

This may vary depending on your nationality. In the UAE, nationals can get up to 80% whereas expatriates can get up to 75% for their first purchases for properties less than 5,000,000 AED.

Typical rates are between 3.49% to 7%

Yes, they can, however, the terms for non-residents will be different and the rates may be slightly higher.

This depends on your occupation. Salaried candidates will usually have to endure 1 week until approval, whereas self-employed candidates may have to endure a longer period.

This term indicates that the applicant has been accepted for a mortgage or loan provided that the personal financial circumstances and information supplied are confirmed.

Further criteria and elements are required for a successful application, such as employment status and credit scoring.

Although both Shariah loans and Mortgages fulfil the same role, Shariah loans do not charge interest – they are based on Islamic Profit-share principals. Shariah loans are similar to hire/purchase agreements in that the title of the asset stays with the lender of the money, until the final loan payment is made – and the title is then transferred unencumbered to the buyer.

For a mortgage, the title is always with the buyer, but a “registered interest” of the bank stays on that title until the last payment is made – and the registered interest is then removed.

Top