Frequently Asked Questions

Yes, as an individual over 60 years old, you can still be eligible for a mortgage in the United Arab Emirates (UAE). Many lenders in the UAE offer mortgage options to individuals in this age group. However, the terms and conditions may vary from one lender to another. Some considerations that may affect your eligibility include your income, credit history, and the overall affordability of the mortgage. It is advisable to approach different lenders and discuss your specific circumstances to determine the options available to you.

Not having a credit card may affect your ability to secure a mortgage in the UAE. When considering your application, lenders often look at your credit history and ability to manage credit responsibly. While not having a credit card doesn’t necessarily disqualify you from getting a mortgage, it may make it more challenging to demonstrate your creditworthiness.


In the UAE, credit card usage is common, and having a credit history can help lenders assess your financial behavior. It shows your ability to make regular payments on-time and manage credit responsibly.


However, not having a credit card doesn’t mean you have no chance of getting a mortgage. Lenders may consider alternative factors such as your income, employment stability, and savings. Providing detailed documentation of your financial situation, including bank statements and proof of regular income, can help strengthen your application.


It’s also worth noting that having a credit card and using it responsibly can build your credit history and improve your chances of securing favorable mortgage terms in the future. If you’re planning to apply for a mortgage, you may consider acquiring a credit card and using it responsibly to establish a track record of creditworthiness.


Ultimately, while not having a credit card may impact your mortgage application initially, it is not an insurmountable obstacle. It’s essential to demonstrate your financial stability and show lenders that you can meet your repayment obligations through other means.

Check if the freehold flat you are interested in is eligible for a mortgage. Not all properties may be eligible, so it is important to verify this before proceeding.


It is advisable to seek professional advice from a mortgage broker or financial advisor to assist you throughout the process and help you find the most suitable mortgage option for your specific needs and circumstances.

The ability to remortgage within 6 months of a property purchase in the UAE will depend on several factors, including the lender’s policies and the terms of your mortgage agreement. Generally, it may be challenging to remortgage within such a short timeframe as many lenders prefer borrowers to have a longer track record with their property before considering a refinancing arrangement. Additionally, early repayment penalties or fees might apply if you choose to remortgage within the first 6 months. It is advisable to consult with your mortgage provider or a financial advisor to understand your specific options and any potential limitations in your situation.

Yes, a parent can be a guarantor on a mortgage in the UAE. Many financial institutions in the UAE allow parents or close family members to act as guarantors for a mortgage.


As a guarantor, the parent assumes the responsibility of fulfilling the mortgage obligations if the borrower (usually their child) fails to make the repayments. The guarantor typically provides additional security to the lender in case the primary borrower’s financial situation changes or they are unable to meet their repayment obligations.


However, it is important to note that each bank may have its own requirements and criteria for guarantors, and the parent’s financial status and creditworthiness will be thoroughly assessed before they can become a guarantor.

Yes, it is possible to use the equity from your home in the UAE to buy a property in another country. This process is known as remortgaging or home equity release. By remortgaging your home, you can release the equity, which is the difference between the market value of your home and the outstanding mortgage balance. You can then use this released equity as a down payment or to purchase a property in another country. However, it is important to consider various factors such as legal requirements, tax implications, foreign exchange rates, and potential currency fluctuations before making such a decision. It is recommended to consult with a financial advisor or mortgage professional to ensure a smooth and informed process.

In the UAE, what happens to a mortgage after getting a divorce can vary depending on the specific circumstances and agreements made between the parties involved. Here are a few possible scenarios:


Joint Mortgage: If both spouses have jointly signed the mortgage agreement, both parties remain equally responsible for repaying the loan even after divorce. The terms and conditions of the mortgage contract will still be upheld, and both individuals are obligated to meet the repayment requirements, regardless of their relationship status.


Buyout Option: In some cases, after a divorce, one spouse may choose to keep the property and assume full responsibility for the mortgage. This can be achieved through a mutual agreement or a court order. In such situations, the spouse who will retain the property may need to refinance the mortgage solely under their name.


Selling the Property: Another option is to sell the property and use the proceeds to pay off the mortgage. If both parties agree to this approach, the mortgage will be settled, and any remaining funds would typically be divided as per the divorce settlement.


Mortgage Modification: In certain cases, individuals may negotiate with the mortgage lender to modify the terms of the mortgage, including refinancing, extending the repayment period, or adjusting monthly installments, to accommodate the changed financial circumstances resulting from the divorce.


It is essential to consult with a legal professional, such as a divorce lawyer or real estate expert, to better understand the specific implications of divorce on your mortgage in the UAE, as laws and regulations may vary.

Yes, in the UAE, some lenders do offer loans with up to 90% or even 95% loan-to-value (LTV) ratio. These lenders are willing to provide a substantial portion, either 90% or 95%, of the property’s value as a loan, while the borrower is expected to contribute the remaining percentage as a down payment. It is worth noting that qualifying for such high LTV loans may require meeting certain criteria, including a strong credit history and stable income.

Yes, a mother and son can get a mortgage together in the UAE. In the UAE, it is common for family members to jointly apply for a mortgage to purchase a property. Both the mother and son would need to meet the eligibility criteria set by the mortgage lender, such as providing proof of income, creditworthiness, and meeting any other requirements specific to the lender. The terms and conditions of the mortgage would be determined by the lender and both parties would be jointly responsible for repaying the mortgage loan.

Yes, it is possible to remortgage a house that has been gifted to you by your parents in the UAE. However, the process and requirements may vary depending on the specific policies of individual mortgage lenders in the region. It is recommended to consult with local banks or financial institutions to understand the specific conditions for remortgaging a gifted property.

In the UAE, it is possible to remortgage a parent’s property, provided there is sufficient equity in the property. The maximum loan-to-value on a property valued up to AED 5 million is 75% for expats, while Emiratis can borrow up to 80%. Remortgaging allows you to change lenders and potentially take advantage of better interest rates or terms. It is important to note that specific terms and conditions may vary depending on the lender and the individual’s financial situation. It is recommended to consult with a mortgage advisor or financial institution for personalized advice and guidance on remortgaging.

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