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Frequently Asked Questions
Remortgage, re-finance or buy-out mortgage is when you end your mortgage with your current financial institution or bank and transfer that mortgage to a different bank or institution.
Mortgages are one of your biggest outgoings every month and even a slight reduction in the interest rate on your mortgage can amount to substantial savings. Reducing your monthly commitment on the EMIs can be done by:
Being offered a better rate from another bank
Changing to a longer tenure
To reduce the interest rate on EMI
In need of cash to re-invest
To buy another property
To upgrade the current property with renovation etc.
Depending on the market value of your property vs the remaining payable balance of the mortgage, you may apply for a top-up on your existing loan. The bank would require a recent dated property valuation report (cost of which is borne by the customer).
The amount you can borrow in Equity Release depends on the value of your property. Depending on your property valuation and the amount that you currently owe on your mortgage, you may be able to borrow a higher sum than what you currently owe. Have a property to evaluate? You may reach out to our Contact Centre at 600525500 for assistance.
Yes. You can request to borrow more if you need to. Before we proceed with the request, we will need to evaluate how much equity you have in your home and assess your other outgoings as well. A few of the reasons for borrowing against your mortgage include renovations, other bigger purchases, increased savings on monthly EMIs or the total cost of borrowing. It is possible to merge your existing debts such as credit cards and loans into one consolidated monthly payment.
However, if you’ve already borrowed against your mortgage to merge your existing debts over the last 5 years, FAB will not be able to offer more borrowings for your debts again.
That will depend on the mortgage product as there may be a product fee that you will need to pay. You can connect with our Mortgage Specialists to get a better understanding of our current rates. Product fees can be added to your mortgage on completion of the tenure.
There may be other standard charges and costs which you may have to pay while setting up your mortgage. You will be charged interest on any fees, charges and standard costs added to your loan unless told otherwise.
Usually, mortgages are used to buy a home you wish to use for your own residence or renting out. But you can use the funds for other things as well, such as home improvements, renovation or even buying another property.
Depending on the nature of the transaction, the bank will directly transfer the proceeds to the ultimate beneficiary (such as contractor, developer, seller etc.)
The details the mortgage lender will need to provide us with are:
Personal details including name, address, date of birth and contact details
Financial details including income, bonuses, overtime, commitments and monthly expenditure
Retirement plans, if any
Details of the property to be mortgaged including the year the property was built and the construction type
Your existing mortgage lender details and current mortgage balance
Documents to confirm all of the above
Other than FAB’s standard features, you will be entitled to the following:
0% processing fee
0% AIP fee
Refund of the valuation report fee up to AED 3,500 per property
Refund of the early settlement fee charged by the other Bank up to AED10,000.
When you apply for a mortgage, you can choose to have a fixed or a variable rate product for a set period of time. At the end of this mortgage tenure, your loan will usually be transferred to one of our lender variable rates. At this point, you may choose to move it to a new product for a set period of time, based on your needs.
We completely understand that life happens and there are times that you may face some financial instability. In such unfortunate circumstances, we request you to inform your Mortgage Advisor, and they will be happy to guide you through the process.
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