Guide to mortgages in Dubai
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Dubai Overview
Dubai, one of the seven emirates that constitute the United Arab Emirates is one of the foremost business and tourist hubs in the world. Dubai has a fantastic climate, not to mention a rich cultural and historical background. Dubai has a population of around 1.2 million and approximately 80 per cent of people are foreign.
Guide to mortgages in Dubai
Dubai is a popular location for foreign buyers to purchase a home. For people from the UK , the currency is favourable, and the country suitable both as a holiday destination and an investment property. Owning properties as a foreign national has only relatively recently been allowed, but foreign buyers have been purchasing indirectly for years.
Now, foreigners are able to buy property on a freehold basis in some areas of Dubai , and they may also rent this property out. Previously, foreign nationals could only purchase through developers.
Non-status/Self-certification mortgages in Dubai are generally lent at a maximum 60 per cent loan to value, and proof of income over a five year period is required. Status mortgages will require three months payslips and five years worth of P60, as well as 6 months of personal bank statements.
Lenders in Dubai will sometimes take into account proposed rental income from any property. Borrowing will be based on net rather than gross income – ‘take home’ pay. Mortgage repayments, as well as other monthly pay outs, must not exceed 40 per cent of monthly income.
Borrowing on a mortgage in Dubai can be for up to 25 years, and loans are available to all applicants who will be aged 60 or less at the end of the loan.
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