Dubai represents the freedom and lifestyle that many Brits dream of. Beautiful scenery, incredible weather, great job prospects and a fantastic educational system; it’s no surprise that thousands of Britons have settled in the city in the last few years with perks like these.
If you’ve been living in Dubai for a while, you may already have purchased your first property. After all, you get a lot of space for your dirhams, so renting is rarely the right option if you’re staying for the long-term.
But if you already own a home, you might be wondering if you can branch out and buy another property. Maybe you want to get a second mortgage for other financial reasons. As an expat, there are a few regulations that differ to the ones laid out for UAE nationals.
A question we’re often asked is, “can I get another mortgage if I already have one?” In this blog, we explore the rules surrounding second mortgages for expats.
Can You Get a Second Mortgage in Dubai as an Expat?
The short answer is yes. There is no reason why British expats should struggle getting a second mortgage to purchase property in Dubai as long as they have the means to make regular payments on both.
As with your first property, there will be some restrictions. For example, you’ll only be able to buy in a freehold community, but there are plenty of stunning properties in these districts, so you won’t have any trouble finding the right house, villa or apartment.
Some of our top suggestions are:
- Palm Jumeirah
- Downtown Dubai
- Jumeirah Village Circle
- Business Bay
- Dubai Marina & Jumeirah Beach Residence
If you currently have an existing mortgage, you are only allowed to get 60% LTV on your second one. This is a restriction regulated by the central bank so it applies to every lender.
Which Mortgage Product are You Looking for?
There are many reasons why you’re looking into getting a second mortgage. You might be looking to buy another property as an investment or to become a landlord.
Others look for a second mortgage because they want some extra cash for:
- Home renovations
- To start a business venture
- To consolidate existing debts
Depending on your needs and situation, you should still be eligible for a wide range of mortgages.
For example, if you’re looking to purchase a property as an investment, we can find the best mortgage to maximise your ROI and one that will have terms to differ payments to rental voids and renovation periods.
To release the money locked away in your home, we also offer equity release options.
Speak to a member of our team so we can find the right product for you.
Getting a Second Mortgage the Easy Way
Expat Mortgage was set up to make purchasing property as straightforward as possible for British expats. We take away the stress of sorting mortgages, so you don’t have to be burdened by it.
Many expats come to us because they know our established connections with the banks of Dubai will save them the most money. On average, our clients save AED 150,000 over the duration of their mortgage. That’s the equivalent to £30,000.
To see how we can help you with your second mortgage requirements, contact our team now.