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Do I qualify for a mortgage in Dubai?
To qualify for a
mortgage in Dubai, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Mortgage
Helpline International won't charge you for this service.
How much can I borrow?
Calculation based on the valuation or purchase price, whichever is the lower.
Up to 70% of LTV
available for house purchase, remortgage or home improvements.
Based on joint Net monthly income, where joint income is applicable
Existing liabilities, e.g. mortgage or rental payments, loans,
credit card payments and maintenance are taken into account, together with the proposed Dubai mortgage payments. All this must not exceed 50% of your monthly net income. Income multiples
based on sole or joint gross pay (where joint income is applicable)
What evidence of income do I need?
If you are employed:
Your last three month's payslips
Your latest P60 and/or Employers Reference
Your last six month's personal bank statements
If you are self-employed:
Your last two year's accounts,
two years tax returns & accountants reference.
Your last six month's personal bank statements.
Example mortgage payments for Dubai mortgage only:
If, for example, your net joint monthly income is £2,000, existing mortgage is £500 per month, existing loan payments of £100 per
month and the Dubai mortgage is £350 per month,. This gives you an affordability ratio of 47.5% (£500 + £100 + £350) divided by £2,000 OR If, for example, your gross annual income is £100k per annum we
will use 5 x £100k, minus any existing mortgage/other existing debts. For example, £100k per annum x 5 = £500k minus existing mortgage borrowing of £75k & no other existing debts, we could therefore
lend £425k, subject to a maximum 70% LTV.
What types of Dubai mortgages are available?
For our latest rates and to see the different types of Dubai mortgages on offer, please contact
us.
Loans are available up to 50% of the property's value.
The maximum term of any mortgage is 15 years, this varies on the type of loan
Repayment and Interest Only mortgages are available
Mortgages are available in US dollars, Sterling, Euros & other currencies – subject to your salary being paid in that currency.
The minimum loan you can take out is £100,000
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