The UAE independent mortgage industry has seen a significant increase in the number of smaller start-up businesses in 2015. This is a growing industry as consumers are more financially astute these days and are looking for better mortgage terms. Instead of using the traditional method of approaching one bank, mortgage clients are getting the best product for their needs and circumstances by using independent advisors with access to the whole market.
There are over 30 banks lending in the UAE today and over 200 mortgage products, so it is becoming more important to engage an independent professional, who can determine the most cost effective option. Caution should be taken when deciding which independent mortgage advisor to use. New mortgage consultants and brokers are unlikely to have access to as many banks or EXCLUSIVE mortgage products, as more established providers. A start-up advisor can take years to develop a full product range and secure agreements with most banks. Additionally, they will have little influence with the banks and are unlikely to negotiate credible exclusive mortgage rates. Home Matters has developed its product proposition and panel of lenders over a 10 year period and currently has an exclusive UAE mortgage product, which is the most cost effective solution in the market.
Is your independent mortgage advisor qualified, are they correctly licensed and do they have a track record in the UAE? Using the right mortgage advisor should not cost the consumer more in fees, the goal is to secure the best terms and save customers money. Be wary of independent mortgage advisors who claim to be qualified. UK mortgage or financial advisory qualifications have little relevance in the UAE, as the market, rules and regulations here are completely different. A credible independent mortgage advisor in the UAE should be qualified locally with the new Certified Mortgage Broker (CMB) Certificate. This is the mortgage equivalent to the RERA qualification professional real estate agents have to attain in Dubai.
Home Matters has played a leading role in development of this course and qualification. Our Managing Director, Jean-Luc Desbois, devised the course material, online examination and facilitates the 2-day workshop through DREI at Dubai Land Department. The first course was staged in November 2014 and we have completed two further courses in 2015. This is a significant step forward for the industry and it is now mandatory for mortgage consultants and brokers to have this qualification. It once again demonstrates Dubai is determined to introduce best practice into the property and mortgage markets.
The course covers several important areas, such as; licensing, regulation, best practice, history of UAE mortgages, process, ethics, fraud, banks, Islamic banking, data protection, property transactions and collections. Guest speakers have presented from international and local banks, as well as UAE Central Bank.
Be sure to research your mortgage advisor to ensure you receive the best advice.