Mortgage broker John Charcol has launched a new product designed to assist investors wanting to make a purchase in Dubai.
In an exclusive deal with the National Bank of Dubai, John Charcol can now offer mortgages to both UK residents looking to buy in Dubai and those already living in the emirate. Available in Dirhams, it is subject to UK criteria and processing.
This product has been launched off the back of a recent change in property laws means non-residents can now purchase property in Dubai.
John Charcol has also opened an office in Dubai, with access to all the major mortgage lenders as well as its newly created facility.
* Maximum LTV of 60% for completed properties, 70% for those under construction.
* Early repayment charges of 1.5%
* Processing fee of £399 and 1% added to the loan
* Valuation and booking fee of £575
* Broker fee of up to 1%
* Maximum loan amount of 7 million Dirhams
"To say it has historically been a challenge to arrange a mortgage in Dubai would be somewhat of an understatement," commented Walter Avrili, product director at John Charcol.
"It has not been uncommon to go through months and months of negotiation only to be denied finance on what most of us would recognise as minor technicalities.
"We are hoping to put an end to this frustration, offering mortgages for properties in Dubai with UK criteria and processing."
The mortgage is available for 60 per cent of the value of built properties and 70 per cent of those under construction, at a rate of 8.85 per cent interest.