# Home Mortgages Recommendation



## Smiler51 (Jul 12, 2011)

Hi Guys,

has anyone of you dealt with Mortgage Consultants? Who could you recommend? 
Do they really get better deals than if i go directly to the bank?

I am looking to buy an apartment in Downtown and am a bit confused how to get the best loan, so I would love to get some tips from people that have gone through the hassle here.

It is already annoying enough that brokers list all these properties without actually even being available just to generate leads form the market...

Thanks

Smiler51


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## Bigjimbo (Oct 28, 2010)

Smiler51 said:


> Hi Guys,
> 
> has anyone of you dealt with Mortgage Consultants? Who could you recommend?
> Do they really get better deals than if i go directly to the bank?
> ...


It is annoying, especially for agents that are diligent. Do you have some contact details? I could put you in touch with someone who may be able to help.

James


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## olsontowers (Jan 18, 2011)

We always use a mortgage broker when buying a property, but.........

Ask yourself this question, can a bank really act in your best interests if all they are able to offer you is their own product?

Secondly, you should be aware that buying property in the UAE with a mortgage will mean that should you die, the property will not be inherited in the fixed portions you are used to in Germany, rather they will be divided as per the instructions laid down in the Islamic Holy Book. Namely your wife will inherit 1/8th of the value of the property and the remainder will be divided amongst your family. There is no way to avoid this happening unless you buy the property without a mortgage.

So consider whether you want to buy property here very carefully, or whether there is an alternative investment opportunity that is less restrictive somewhere else.

Hope that helps, and if you want the details of a broker, PM me.


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## rednrosy (Feb 6, 2013)

*difference btween a mortgage advisor and mortgage broker*

There are mortgage brokers and advisors, however ensure that

1. the advisor/broker are not a freezone company (they are not allowed to work outside that freezone).

2. a mortgage advisor is not regulated by Rera and as such there is no place to complain. They also have the easiest form of licence and no minimum qualification requirement (some companies will quote CEMAP qualifications, although this does help it is a UK qualification and not a UAE qualification)

3. a mortgage broker is regulated by Rera and has to conform to the regulations and code of ethics. If there is a complaint then it is easier to get it resolved. 

I think there is a mix of good and bad quality advisor and brokers. They should be able to save you money and they should be able to save you a lot of time. However check to see how many mortgage providers they work with. There are over 37 and more than 300 mortgage products. This makes it difficult to know everything. Ask about step up rates and not just headline rates, is the interest rate fixed to something measurebale like the local EIBOR which is published.
Fixed periods, important points are insurance, most will demand you have a life insurance, some banks can charge as much as 0.5% however it is possible to organise yourself at about 0.2%.

There are so many questions that have to be answered to prevent or reduce the chance of a mistake. As such the broker or advisor should be able to help.

We created a great tool which can help in deciding if you have been offered the best deal. Unfortunatly I am unable to post the link 

This tool allows you to check the 300 plus mortgages, and compare with the one being offered by your provider, advisor or broker.

Savings on a mere .10% p.a. on a 2 mio mortgage can save you aed 100,000.
Also check the pricing of the advisor/broker as this can vary substantialy., ie shop around.

Always ask the broker/advisor for 3 different products and ask about the advantages and disadvantages of both.

Some will only offer products which give themselves the largest commission, this should resolve that issue, again if you use an advisor and he has not given the best product for you,. then it is hard to complain, if however a broker has not acted in your best interest he has violated the code of ethics. A complaint to the RERA can bring a solution.



Smiler51 said:


> Hi Guys,
> 
> has anyone of you dealt with Mortgage Consultants? Who could you recommend?
> Do they really get better deals than if i go directly to the bank?
> ...


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## xniting (Feb 7, 2013)

Hi RednRosy, 
I'm interested in more info, but currently can't send a Private message, are you able to share more info within the forum rules?
Thanks.

you have 


rednrosy said:


> There are mortgage brokers and advisors, however ensure that
> 
> 1. the advisor/broker are not a freezone company (they are not allowed to work outside that freezone).
> 
> ...


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## londonmandan (Jul 23, 2013)

My gf deals with mortgages etc, PM me your details I will get her to call you


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## rednrosy (Feb 6, 2013)

Smiler51 said:


> Hi Guys,
> 
> has anyone of you dealt with Mortgage Consultants? Who could you recommend?
> Do they really get better deals than if i go directly to the bank?
> ...


for people who want to buy you should also consider an ABR (accredited Buyers representative) there are 10,000 agents who represent sellers, there ar eonly 8 people in the UAE which have the accreditation. While many agents do try and help the buyer they do not have the formal training and accreditation.


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## rednrosy (Feb 6, 2013)

xniting said:


> Hi RednRosy,
> I'm interested in more info, but currently can't send a Private message, are you able to share more info within the forum rules?
> Thanks.
> 
> you have


not sure what I can post. what are you looking for in particular?
I have done articles on these subjects and they have been published. If you pm me I can get in touch.


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## xniting (Feb 7, 2013)

rednrosy said:


> not sure what I can post. what are you looking for in particular?
> I have done articles on these subjects and they have been published. If you pm me I can get in touch.


I'm specifically looking to compare mortgage providers in the UAE.
Will PM you as soon as I cross the min of 5 posts on this forum. Thanks.


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## rsinner (Feb 3, 2009)

xniting said:


> I'm specifically looking to compare mortgage providers in the UAE.


You mean something like this ? Get Credible Answers Through Home Loans Comparison Online In UAE | Souqalmal.com

Though this is somewhat basic


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## xniting (Feb 7, 2013)

Exactly.
I have looked at that page already and was wondering if there are other similar/better resources.


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## rednrosy (Feb 6, 2013)

xniting said:


> I'm specifically looking to compare mortgage providers in the UAE.
> Will PM you as soon as I cross the min of 5 posts on this forum. Thanks.


there is a simple online calculator


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## rednrosy (Feb 6, 2013)

no that is very very basic.
Every person is different, different circumstances, it all has to do with the amount you have, where you are, the type of property.

there is an online calculator which will look at your individual cicumstances and come up with the 3 best quotes


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## rednrosy (Feb 6, 2013)

xniting said:


> Exactly.
> I have looked at that page already and was wondering if there are other similar/better resources.


As far as I am aware there is no other complete resource. With over 35 lenders and 300 mortgage products I doubt if any person would know of all of the products.
As such you are more likely to be directed to a provider of choice which may or may not be the best.


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