Frequently Asked Questions
A mortgage is a loan given to enable you to purchase a property for residential, investment or commercial purposes. The loan is secured by the lender against the property you purchase. A mortgage is repaid in monthly installments to the lender, which normally includes a rate of interest/profit and an amount towards the original amount borrowed.
In the UAE there are many types of mortgage products available, below are some of the main types:
- Residential mortgages
- Investment mortgages
- Non-resident mortgages
- Commercial mortgages
- Rent only mortgages
- Fixed and floating rate mortgages
- Offset mortgages
- Capital and interest/profit mortgages
- Interest only mortgages
- Fixed payment mortgages
- Land and construction mortgages
All of these are available as conventional or Islamic finance.
Don’t just accept your bank’s mortgage offer — it may not be the best fit. At 7 Seas Mortgage, we search the whole market, including exclusive deals, to give you expert, unbiased advice and help you choose the right product for your needs.
The benefit of using our mortgage brokers is access to expert, unbiased advice to help you find the right product for your needs. We’ll explain your options, give clear recommendations, and guide you through the entire property purchase process in the UAE—making it simple and stress-free. Plus, we have access to exclusive mortgage deals you won’t find directly at the banks.
Mortgage pre-approval is the first step in buying a property. It means the bank has reviewed your application and confirmed in writing that they’re willing to lend you a set amount, usually valid for 60 days. This gives you confidence to negotiate, knowing your financing is already in place and the purchase can move ahead smoothly.
The main benefit of getting pre-approved is that each bank has different lending criteria, so it confirms you’re eligible and lets you confidently search for properties knowing you can proceed quickly once you find the right one.
Pre-approval also signals to sellers that you’re a serious buyer, giving you a stronger position in negotiations and potentially helping you secure a better deal.
Yes, if you leave the UAE you can keep your property as a buy-to-let. Banks are mainly concerned that your mortgage repayments are made on time and not in arrears.
Mortgage-related fees typically include a bank valuation fee (AED 2,000 – 5,000) and a bank arrangement fee (0% – 1.5%), both varying by bank.
In Dubai, you’ll also need to pay a mortgage registration fee of 0.25% of the loan amount + AED 290 to the Dubai Land Department.
