- Client: UK National and UK Resident
- Property Value: Circa 10M AED
- Loan-to-Value (LTV): 55%
- Interest Rate: Competitive
A UK national with a residential mortgage in the UK approached us with a request to buy a second home in Dubai for Circa 10M AED. The client spends a significant amount of time in Dubai and wanted to secure a mortgage to purchase the property, which would serve as a second residence. As the client was looking to manage both a mortgage in the UK and the new property in Dubai, it was important to find a lender who would be comfortable with his ability to handle both the mortgage payments and the running costs.
The challenge in this case was that most lenders in Dubai would take a stricter view on the client’s current affordability and expenditure, especially when considering the additional financial responsibility of the property in the UK. Furthermore, Dubai lenders typically require a solid and consistent income stream. However, the clients income structure was not the norm, but it was set to put him in a better financial position by the end of the year. The client also had additional wealth and assets that could be used to meet the mortgage payments if needed.
Despite these challenges, we were able to negotiate with a lender who was comfortable offering an AED mortgage representing 55% of the property’s value. The lender agreed to proceed based on the client’s anticipated, end of year incomeand the availability of additional wealth to back the mortgage payments if required. This solution ensured that the client could move forward with purchasing the property while maintaining financial security. The mortgage was structured with a fixed competitive interest rate, which provided the client with further stability, knowing his repayments were fixed for the required amount of time.
Enness specialises in securing mortgages for clients purchasing property abroad, particularly for high-net-worth individuals with unique circumstances. Our deep understanding of international lending criteria, combined with our extensive network of lenders, allows us to find the most competitive terms for our clients. We work closely with clients to understand their full financial picture. If you're a UK resident looking to buy a property in Dubai, Enness can help you navigate the complexities of cross-border financing.
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