Mortgages for Existing Homeowner

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.

EIBOR (Emirates InterBank Offered Rate) is a benchmark interest rate published daily by UAE Central Bank. It reflects the average rate offered by major banks in UAE for short-term loan funding between banks. Daily and historical data for EIBOR is available at UAE Central Bank’s website EIBOR Rates | CB UAE (centralbank.ae).