Can someone update me on the mortgage situation please

[jennie1]

Hi,


I have to borrow to make the final payment on a property (not until June 09). Can anyone update me on what percentages banks are borrowing for apartments and do you think things will get better or worse by June. Just thinking I should secure finance now so I don't get caught out.

Thanks in advance

 

[Wannaberich]

Personally I believe things should be alot better by June.Most of the banks are restricting what and who they will lend to right now.Tamweel and Amlak are merging so by June they should be sorted out and lending again.
The current liquidity problems with not just UAE banks,but world banks will hopefully also be alot better by then.
However,best speak to the banks and then make your decision.

 

[Stephendxb]

Hi,


I have to borrow to make the final payment on a property (not until June 09). Can anyone update me on what percentages banks are borrowing for apartments and do you think things will get better or worse by June. Just thinking I should secure finance now so I don't get caught out.

Thanks in advance

Jennie,

You are certainly doing the right thing in trying to secure finance now. However having talked to several friends in the business, it is not looking very good at present, but the sentiment is that it will improve by June. The mortgage rates are moving up and depending who you go with it could be in the region of +/- 8.5%.
One thing I would advise and that is to check who your developer has listed for financial services. I know one or two developers that have no banks or independent companies offering finance, meaning you have no choice but to pay the installment as opposed to getting a mortgage, so you are fortunate that it is the last one.
If you want some help from an independent broker I can recommend someone.

 

[jennie1]

Hey Stephen thanks,

yes the developer has given us a good list that includes ADCB, NBD and Dubai Islamic. Would like to use a broker though so please PM me the details.

Cheers

 

[Roshan]

Hi,


I have to borrow to make the final payment on a property (not until June 09). Can anyone update me on what percentages banks are borrowing for apartments and do you think things will get better or worse by June. Just thinking I should secure finance now so I don't get caught out.

Thanks in advance

Since you say final payment, I presume the pending payments could be in the range of 30%. I strongly suggest you start hunting now. Banks are very fussy about mortgages and a 2 week promise could run into months.

Suggest you contact a mortgage broker also. They are connected to most of the banks and could be helpful. Some brokers charge a commission while others take it off the banks and not you.

Since it's your last payment, you need not worry about the interest during construction.

Good luck.

Regards

Roshan