What to Expect From Your Mortgage Broker in Dubai

What to Expect From Your Mortgage Broker in Dubai

What to Expect From Your Mortgage Broker in Dubai

When you’re purchasing property, it helps greatly to have an expert mortgage broker in Dubai by your side, particularly if you’re unfamiliar with the rules and regulations for buying property in the UAE. As part of the purchasing process, you should always speak to a professional for help.

In essence, a mortgage broker is the middleman between you and a money lender (such as a bank or building society). They work with you to discuss your options before finding the most competitive interest rates for the type of mortgage you’re applying for.

As you can imagine, many aspects of buying property in Dubai may be different from your own native country, and the mortgage process is no exception. To ensure you receive the best level of care while purchasing a property, we have put together this article explaining what you should expect from an expert mortgage broker in Dubai.

A High Level of Expertise


Arranging a mortgage can be difficult and time-consuming, so you will need to instruct a broker who understands the financial aspects, the technical jargon, and who understands the correct procedures to follow in Dubai. If a broker doesn’t have this knowledge and expertise, they provide very little value.

Regardless of whether you’re a first time buyer or a seasoned veteran when it comes to purchasing property, it’s always worth discussing the range of mortgage options available to you. Your broker should feel comfortable walking you through the different types of mortgages, while explaining how each one will have certain advantages and disadvantages based on your needs.

In order to evaluate a potential broker’s usefulness, you should always ask for examples of how they have saved their clients money. One of the main reasons to approach an expert mortgage broker in Dubai is to save as much money as possible, and you need to be sure you’re paying for a service that makes sense from a financial point of view.

A Wide Range of Contacts


Your mortgage broker’s connections will go a long way in Dubai, as it’s only possible to gain the best deals by having strong working relationships with money lenders. While the banks of Dubai offer good mortgage rates to the general public, it’s rare that the rate you’re being offered will be the best one.

As mortgage brokers provide lenders with a constant stream of work, there’s often room for manoeuvrability when it comes to arranging better rates. The banks receive a significant portion of their clients through broker referrals, and in order to keep a steady flow of clients coming through, you’ll find a broker will be able to negotiate the best rate possible on your mortgage with an exclusive deal.

Not all banks and building societies will be able to offer such low rates, which is why using a mortgage broker with a range of contacts in Dubai could be your best option. Your broker will approach each lender on your behalf, saving you the time and hassle of negotiating yourself. If one bank says they can’t lower their rates any further, your broker will move onto the next lender until the best rate can be found.

Fully Qualified & Regulated


Any business that handles large transactions and personal data has to ensure their employees are fully qualified, trained to respect sensitive information and regulated by an independent governing agency.

Mortgage brokers in Dubai are certified by RERA (Real Estate Regulatory Agency), a government body that has full authority to regulate the real estate market in the region. RERA puts a stringent set of rules in place in order to protect the rights of consumers as much as possible, and licensed brokers will be kept up to date with any changes to the law.

Honest & Independent Advice


Since mortgage brokers are independent from banks and other money lenders, the advice they give you will not be influenced by third parties. It’s a broker’s job to deliver the facts on all the different mortgage options available, which means they should never try to steer you towards a product that doesn’t meet your needs.

The advice you receive should also outline what costs are involved, how the mortgage process works in Dubai, and the laws of the land. It’s only through having all the details that you’ll be able to decide which mortgage option is right for you.

Exceptional Customer Service


No matter where you are in the world, you deserve exceptional levels of customer service. Even though the financial and legal sides of buying a property can be confusing and time-consuming, we at Expat Mortgage make sure you never lose sight of the fact this is an exciting new chapter in your life.

Our company was set up to help people live the ideal life right here in Dubai. To ensure this process is as stress-free as possible for you, we offer a full hands-off service. This means we will source the best deals and speak to the banks on your behalf. All you have to do is pick the option that’s right for you after listening to our honest and impartial advice.

What Else Can You Expect From Your Mortgage Broker in Dubai?

When all is said and done, what you should expect most from an expert mortgage broker in Dubai is a significant saving on your mortgage rate. Thanks to our business longevity and the excellent relationships we have built with money lenders across Dubai, we can access exclusive low rates not available to the general public.

On average, Expat Mortgage’s clients will save AED 150,000 over the duration of their mortgage, which is the equivalent of over £30,000 at the time of writing.

There’s so much to gain from speaking with a qualified, expert broker, so make sure to get in touch with a member of our team to save yourself a great deal of time, money and hassle.