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How it works
Mortgages 101
F.A.QBlogs
How it works
Mortgages 101
F.A.QBlogs
Compare now

CompareMortgages.ae

Find the best mortgage rates to get your dream home

Resident mortgages

The best mortgage products if you are a resident in the UAE.

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Non-resident mortgages

Explore mortgage options as a non-resident.

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Equity release / Buyouts

Unlock equity from a property you already own, or refinance an existing mortgage.

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We give you the best tools to compare mortgage rates from 20+ of the main banks of UAE in a single search

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How it works

We find you the best offers in the UAE with a few clicks

1

Tell us about you

Take 3 minutes to fill out a quick form about you and your dream home.

2

Compare rates

Browse through more than 150 products to find the mortgage that best suits your needs, all in one place.

3

Talk to a specialist

Connect to a mortgage expert to get a step-by-step guidance. No commitment, for free.

Not ready to commit yet? No problem!

Browse and compare products without any obligation. You can compare as much as you want without being contacted.

What's happening

News and articles on mortgages

Mortgages 101

Everything you need to know about mortgages

Fixed/Variable rate

Depending on your situation, you may opt for a fixed rate mortgage where the interest rate you pay on the loan is fixed at a lower rate for a set period of time or a variable rate mortgage where the interest rate is linked to the Emirates Interbank Offered Rate (EIBOR), which is determined by the UAE Central Bank.

Buyout

A buyout mortgage is essentially a refinancing option. It involves moving your existing mortgage to another bank under improved terms and conditions.

Offset

An offset mortgage is linked to a savings account. The balance in your savings account is "offset" against the outstanding loan amount, effectively reducing the amount on which interest is calculated.

What information do I need to apply for a mortgage?

1

Your current situation

Whether you're a first-time buyer, moving to a new property or remortgaging your existing one

2

Your details

Your name, address, and whether you're making a single or joint application

3

Property details

Whether it's a new build, a house or an apartment

4

How much you need to borrow

Usually the value of the property you're buying, minus your deposit

5

How much you earn

Your salary, plus any extras like bonuses or overtime

How to get the best mortgage deals

Interest rates

It's important to assess which option is best-suited to your financial circumstances, whether that's a fixed or variable rate mortgage.

Learn more about rates

Fees

Take into account any fees that may be associated with the mortgage. This will help you determine the overall cost and whether it's within your budget. Also, consider the length of the initial term and whether there is an early repayment charge.

Learn more about rates

Shop around

You can look across the whole mortgage market to find options that suit your needs. We help you find the right mortgage by comparing deals across the market, whether you're looking to buy or remortgage.

Discover your ideal mortgage type

When embarking on your homebuying journey, it's essential to understand the various mortgage types available to make an informed decision tailored to your unique needs. Here's a glimpse into the diverse world of mortgages:

Fixed rate

Stability

Enjoy the security of a constant interest rate, ensuring predictable monthly payments throughout your loan term

Variable rate

Flexibility

Benefit from initial lower rates that may fluctuate over time based on market conditions.

Islamic mortgage

Sharia-compliant

Property financing that complies with Sharia, or Islamic law.

Equity release

Access your equity

Utilize your property's equity while retaining occupancy, with repayment typically upon life changes or the property's sale.

Are you ready to take the first step towards your dream home?

Any questions?

Frequently asked questions
A mortgage is a loan from a bank that helps you finance the purchase of a property. You pay back the loan with interest over a set period, often 20-25 years.
It is the interest rate charged on the loan amount. It determines your monthly payments and the total cost of the loan.
Interest rates vary depending on the bank, loan product, loan-to-value (LTV) ratio, and your individual credit profile. Rates typically range from 3% to 5% as of February 2024. It's recommended to compare rates from different banks before committing.
Ideally, get pre-approved for a mortgage before searching for a property. This gives you a clear picture of your budget and strengthens your negotiation position with sellers.
The LTV ratio is the percentage of the property's value that the bank will finance through the mortgage. In the UAE, LTV limits are set by the Central Bank: Up to 85% LTV for UAE nationals: for properties under AED 5 million; 75% for properties above. Up to 80% LTV for expatriates: for properties under AED 5 million; 70% for properties above.
Yes, expatriates can qualify for mortgages in the UAE, but with specific requirements compared to nationals. This may include higher down payments, shorter loan terms, and thorough income verification processes.
Several fees are involved such as: Processing fee: Charged by the bank for processing your application. Valuation fee: Covers the cost of assessing the property's value. Mortgage registration fee: Paid to the government to register the mortgage. Property insurance: Mandatory to protect the property against unforeseen events.
The approval process can take 5-6 working days for pre-approval and longer for final approval, depending on the bank and your situation.
Compare rates and terms from different banks. Understand the associated fees and costs. Factor in your long-term financial stability and ability to make repayments. Consider additional costs like property maintenance and potential future interest rate hikes.

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