A few charges to consider before remortgaging
Before applying for a Remortgage, ensure that you assess what you want from your new mortgage. Do keep in mind that moving your mortgage from your current provider may incur charges like an early repayment and exit fee.
Potential costs to consider:
Early repayment charge
If you have an ongoing mortgage with your current lender, you may need to pay an early repayment charge to terminate the deal early.
A few of our mortgages don’t have a product fee. If you choose one that does, you can normally add the fee to your mortgage, but it’ll mean you’ll pay interest on the product fee unless you pay it off within 21 days of completing your mortgage.
(Property Valuation Fee to assess the estimated market value of property to be financed) starting from AED 3,000/- depending on nature of property + VAT.
Legal or conveyancer fees
You will need a solicitor or a licensed conveyancer to help with the legal parts of the remortgaging. For a majority of our mortgage products, we’ll pay your standard legal fees. You’ll have to pay them back if you pay off your mortgage within 2 years.
The bank charges this fee in exchange for providing and administering your mortgage. You can pay the fee when your mortgage is complete or the end of your mortgage term, either way, the amount will be the same.