Remortgage Loans in Dubai-UAE
Our excellent mortgage consultants in Dubai will help you to secure the best mortgage deals in the UAE whether you’re a first time buyer, re-mortgaging your home or constructing your own villa. We will help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest mortgage advices.
Remortgage Loans in Dubai - UAE
Remortgaging your home is a very smart and easy way to help you save money. You might even want to utilize this to shorten or lengthen the duration of your mortgage or change the amount borrowed.
Simply getting a mortgage won’t save you money, but periodically monitoring your mortgage costs and taking steps to lower them would. This will result in savings of thousands of dirhams. Remortgaging will be beneficial here. Remortgage rates
What is a remortgage or mortgage refinance in dubai-UAE?
Remortgaging is the process of raising a mortgage on a house that is either currently mortgage-free or already has one, and switching to a new lender who will “buy out” your current loan.
Why do people tend to remortgage in Dubai-UAE?
There are a number of reasons why individuals remortgage their homes, but the main one is to switch to a better mortgage arrangement than the one they now have. This could be a repayment plan that better fits your present financial situation or a lower interest rate. Remortgage rates
When should you remortgage in dubai-UAE?
As we previously mentioned, the reduced interest rate is the primary justification for remortgaging. Even switching to a plan with a 0.5% lower interest rate could result in savings of thousands of dirhams over the course of your mortgage.
When your present transactions come to an end, you’ll have the chance to look for new ones that meet your financial demands. The best time to check for new deals offered by other banks is now if you have a fixed rate interest and your tenure period has not yet finished. This must be done around three months before the tenure period ends, giving you plenty of opportunity to compare with alternative offers. If you have a variable rate mortgage, examining it once a year should help you make sure you’re still getting a reasonable bargain. Remortgage rates
You must do some research to determine your suitability for remortgaging in order to determine whether you can pay the fees associated with it and begin saving money in a fair amount of time.
You can decide whether it is worthwhile to remortgage in dubai-UAE by looking at the following factors:
Compare Mortagage Intrest Rate
If your fixed-rate mortgage is coming to an end, you probably want to shop around for a better deal. As a borrower, you can ask your current bank about any higher rates they may be offering to keep you as a client. In the event that you receive an offer, be careful to compare it to other online offers utilizing best-buy charts or other sources of data.
Work Out On Your Mortgage Refinance Costs:
Nowhere is the remortgage a free service. You must pay the expenses involved with getting a new mortgage, so learn about them before applying for one. Then decide whether it is worthwhile to remortgage:
| Mortgage de-registration fee | AED 1,590 |
| Property valuation fee | AED 2,500 – 3,000 |
| Mortgage re-registration | 0.25% of the mortgage amount, plus AED 290 |
| Mortgage registration trustee fee | AED 2,000 for properties below 500,000; AED 4,000 for properties above 500,000 (+ 5% VAT) |
Exit fees or mortgage prepayment penalties
Your current bank will probably impose a penalty if you pay off your mortgage early. When you remortgage, the new bank will cover these expenses by increasing your mortgage (That is penalty plus the interest)
According to the UAE Central Bank, lenders may charge borrowers who pay off their mortgage early up to 3 percent (uncapped) in fees. Exit penalties can vary between different banks and mortgages, albeit the bank must be able to demonstrate a financial loss in order to impose the entire 3 percent.
Therefore, take into account all of these aspects before remortgaging to secure a better mortgage deal that might save you thousands of dirhams.
You can decide whether it is worthwhile to remortgage in dubai-UAE by looking at the following factors:
Compare Mortagage Intrest Rate
If your fixed-rate mortgage is coming to an end, you probably want to shop around for a better deal. As a borrower, you can ask your current bank about any higher rates they may be offering to keep you as a client. In the event that you receive an offer, be careful to compare it to other online offers utilizing best-buy charts or other sources of data.
Work Out On Your Mortgage Refinance Costs:
Nowhere is the remortgage a free service. You must pay the expenses involved with getting a new mortgage, so learn about them before applying for one. Then decide whether it is worthwhile to remortgage:
| Mortgage de-registration fee | AED 1,590 |
| Property valuation fee | AED 2,500 – 3,000 |
| Mortgage re-registration | 0.25% of the mortgage amount, plus AED 290 |
| Mortgage registration trustee fee | AED 2,000 for properties below 500,000; AED 4,000 for properties above 500,000 (+ 5% VAT) |