As the UAE property market strengthens, mortgage middlemen are cashing in. With homeowners no longer unconcerned about the small print on their loans, many are going in search of better deals and middlemen are stepping into the breach, The National reported. In fact, banks are recording an increase in the number of mortgage brokers and consultants they do business with.
Jean-Luc Desbois, managing director of Home Matters , told the news provider: "Consumers now are looking for better value for money. Not just lower interest rates, but terms and conditions and exit fees." Intermediaries can often offer this to buyers and in the UAE investors are starting to realise their potential.
For brokers and consultants, now is boom time. Mortgage consultant company Independent Finance is just one firm that tripled in size last year and Sam Wani, the company's general manager, told The National it is likely to double again this year. He claims the company has a 95 per cent preapproval rate for customers and clients are thoroughly vetted. However, he admits excessive leveraging can be problem.
As property prices rise in the UAE - particularly Dubai - the need for mortgage financing is increasing. Mr Wani claims this is partly the result of the domestic market looking to lower costs by buying, rather than renting. Remortgaging is also driving demand for middlemen, with those who purchased their home when interest rates were high now looking for a payoff.
Now is certainly time to investigate finance options in the UAE, as growth becomes more sustainable. Standard Chartered Bank explained to Trade Arabia that sales are currently driven by organic demand and improved economic fundamentals, opposed to speculators. This has led to a 38 per cent price rise of apartments over the last year, while villas have seen values jump by 24 per cent.
Article by +https://plus.google.com/113107350172679406191?rel=author on behalf of Propertyshowrooms.com
Jean-Luc Desbois, managing director of Home Matters , told the news provider: "Consumers now are looking for better value for money. Not just lower interest rates, but terms and conditions and exit fees." Intermediaries can often offer this to buyers and in the UAE investors are starting to realise their potential.
For brokers and consultants, now is boom time. Mortgage consultant company Independent Finance is just one firm that tripled in size last year and Sam Wani, the company's general manager, told The National it is likely to double again this year. He claims the company has a 95 per cent preapproval rate for customers and clients are thoroughly vetted. However, he admits excessive leveraging can be problem.
As property prices rise in the UAE - particularly Dubai - the need for mortgage financing is increasing. Mr Wani claims this is partly the result of the domestic market looking to lower costs by buying, rather than renting. Remortgaging is also driving demand for middlemen, with those who purchased their home when interest rates were high now looking for a payoff.
Now is certainly time to investigate finance options in the UAE, as growth becomes more sustainable. Standard Chartered Bank explained to Trade Arabia that sales are currently driven by organic demand and improved economic fundamentals, opposed to speculators. This has led to a 38 per cent price rise of apartments over the last year, while villas have seen values jump by 24 per cent.
Article by +https://plus.google.com/113107350172679406191?rel=author on behalf of Propertyshowrooms.com