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Frequently asked questions

Frequently asked questions about mortgages

Mortgages

As an expat, you’ll need a minimum deposit of 20% for properties valued under AED 5 million. If the property costs more, the deposit increases to 30%. For UAE nationals, the minimum starts at 15%.
Most banks require expats to have a minimum monthly salary of AED 15,000 to qualify for a mortgage. However, some lenders may work with slightly lower incomes depending on your overall financial situation and loan amount.

Interest rates depend on the mortgage type and market conditions:
– Fixed-Rate Mortgages: Rates usually range between 3% to 5% per year, offering stability for a set period (e.g., 1–5 years).
– Variable-Rate Mortgages: These are tied to the Emirates Interbank Offered Rate (EIBOR) and may rise or fall over time based on market trends.

Getting a mortgage in Dubai is easier with the right support. At Hipmortgages , we start with a quick, free eligibility check that won’t impact your credit score. Your personal case manager then handles everything while you track progress and upload documents through the Hipmortgages portal. We take care of the rest, ensuring a smooth and stress-free approval process.

A mortgage loan is a type of loan used to purchase property, where the property itself serves as security for the loan. In simple terms, you borrow money from a lender (like a bank) to buy a home, and in return, you agree to repay the loan in monthly installments, which include both the principal amount and interest. If you fail to repay, the lender has the right to take ownership of the property. Mortgages make it possible to own a home without paying the full price upfront.
Home loan affordability in the UAE depends on your monthly income, monthly debts, and the property’s value. Lenders assess your borrowing capacity using the Debt Burden Ratio (DBR), which ensures your total monthly debt payments (including the mortgage) do not exceed 50% of your income. To make it simple, you can use our Mortgage affordability calculator; just enter your income, expenses, and property details to instantly see how much you can borrow.

Your mortgage affordability is determined based on:
– Monthly Income: Lenders generally allow borrowing up to 7 times your annual income.
– Existing Debts: Keep your monthly debt payments (loans, credit cards, etc.) under 50% of your income to meet eligibility.
– Down Payment: Expats need at least 25% of the property value as a down payment, while UAE nationals need 20%.

In the UAE, the minimum credit score for a mortgage is between 550 and 700, depending on the lender. A higher credit score improves your chances of approval and helps you secure better interest rates. If your credit score is lower, lenders may require a larger down payment or impose stricter terms.
A mortgage loan is calculated based on key factors like the loan amount, interest rate, and loan term. The monthly repayment is determined using a formula that includes both the principal (the amount borrowed) and interest (the cost of borrowing).

Banks calculate mortgages by assessing several factors, including:
– Loan amount: The total amount you borrow.
– Interest rate: Fixed or variable, depending on the loan type.
– Loan tenure: The length of time you’ll repay the loan (e.g., 15 to 25 years).

Interest rates for home loans in the UAE vary depending on the lender and mortgage type:
– Fixed-Rate Mortgages: Rates typically range from 3% to 5% per year for a set period (e.g., 1–5 years).
– Variable-Rate Mortgages: Rates are tied to the Emirates Interbank Offered Rate (EIBOR) and can fluctuate over time based on market conditions.

Concierge

A property concierge is a personalized real estate service designed to simplify the home-buying process. A property concierge works exclusively for you, handling everything from finding genuine listings and scheduling viewings to negotiating deals and managing paperwork.

A real estate agent focuses on selling specific properties, while a real estate concierge provides a buyer-focused service. A concierge works as your dedicated consultant, curating property options tailored to your preferences, coordinating viewings at your convenience, and negotiating the best deals on your behalf.

A concierge services provides full support throughout your property search, ensuring the process is smooth and stress-free. Expect effortless searching as we find genuine listings tailored to your needs through our trusted partner network.

Hub by Hipmortgages

Got questions about using Hub by Hipmortgages or need support with your referrals? We’re here for you.

Reach us at: letschat@hipmortgages.com

Whether it’s a technical issue, a question about your commission, or how to get the most out of the platform, just drop us a message and we’ll get back to you shortly.

Hub by Hipmortgages offers a live tracking interface where agents can monitor the status of their referred buyers in real-time. You’ll see exactly where they are in the mortgage process, including pre-approval updates, so you know when they’re ready to start their property search.

You can earn commission by referring mortgage buyers through the ‘Add a Mortgage Lead’ tool. Once a case successfully submits to a lender and closes, you receive your commission. Hub by Hipmortgages ensures all leads are protected and attributed to you.

Hub by Hipmortgages connects you to exclusive direct buyers already working with Hipmortgages . You can view their property requirements and match your listings to their needs, helping you close sales faster.

Commercial

A commercial mortgage is a specialized financial product designed for businesses to purchase, refinance, or develop commercial properties. These properties can include offices, retail spaces, warehouses, labor camps, as well as land and construction projects.
A commercial mortgage broker acts as an intermediary between businesses and lenders, helping you find the most suitable mortgage solutions for your commercial property needs.

The repayment period for a commercial loan usually ranges from 5 to 15 years, with some exceptions extending up to 20 years, depending on the lender, loan amount, and your financial profile.

Conveyancing

What does a conveyancer do? A conveyancer handles the legal process of transferring property ownership from one person to another. Whether you’re buying or selling, a conveyancer ensures all legal documents are in order, verifies the property title, handles deposit holding, and manages essential approvals like No Objection Certificates (NOCs).
The buyer and seller each pay for their own conveyancing services. Buyers typically cover costs related to property title transfers, registration fees, and deposit holding. Sellers may have their own conveyancing costs for tasks like clearing the property title and obtaining approvals.
Conveyancing is essential to ensure a legal, seamless transfer of property ownership. It protects buyers and sellers by confirming the property’s legal status, managing necessary documentation, and ensuring compliance with UAE regulations.

Islamic Home Finance

Islamic home finance is a Sharia-compliant home financing solution that avoids interest (riba). It uses profit-sharing, leasing, or partnership models to ensure ethical transactions.
Unlike conventional mortgages that charge interest, Islamic home finance follow Sharia principles by structuring agreements around profit-sharing or ownership transfer without interest.
Anyone seeking a Sharia-compliant financing option can apply, regardless of their faith, as long as they meet the provider’s eligibility criteria.
You can apply online through our streamlined process. Our advisors will guide you step-by-step to ensure a smooth experience.

UK Mortgages

Several UK banks and specialist lenders offer mortgages for expats. Major options include HSBC Expat, Barclays International, NatWest International, and specialist providers like Skipton International and Halifax International.
Yes, UK expats can secure buy-to-let mortgages while living overseas. Many lenders offer these mortgages, but they may come with higher deposit requirements (often around 25%) and stricter criteria.
For an expat mortgage, you typically need a deposit of 20% to 40% of the property’s value. The exact percentage depends on the lender, the type of mortgage, and your financial circumstances.
Absolutely! UK expats can get a mortgage, though the process can involve additional documentation, such as proof of income, credit history, and residency details.