It’s a letter issued by the bank after reviewing your loan application, and approving your requested amount in principal and conditional on a valuation being undertaken on the property you wish to buy.

Banks may offer a slightly preferential rate if you commit your salary transfer to them. Some rates are conditional on you transferring your salary to them, but not all.

Your mortgage consultant should be able to walk you through each mortgage option in detail, explaining the various features, and why they think it will be best for your personal circumstances.

Yes, there is a bank valuation and a bank processing fee. The bank valuation fee ranges from AED 2000–3000, with an additional 0-1% bank processing fee.

There are also other fees involved in the purchase process including fees payable to your real estate agent, fees payable to the Dubai Land Department or Abu Dhabi Municipality, and mortgage registration fees.

A fixed rate means the rate of interest on the mortgage you pay typically stays the same for a specific period of time, between 1-5 years.

On the other hand, variable rates refer to the interest rate that you have to pay linking to one, three, or six-month EIBOR, with a percentage fixed by the bank.

We do all the hard work, so you don’t have to. We have access to the whole UAE mortgage market and work with all lenders to make it easy for you to compare offers and find the right mortgage for you.

Yes, you can.

With most banks, you just need to let them know that you’re leaving.

You and the bank will then decide on how the mortgage will operate moving forward. You should always inform your lender in the name of transparency.