Barclays/Barclaycard

Key facts

Whether you’re a first home buyer or an experienced home owner, taking out a mortgage can be a daunting task. At Barclays we have a team of dedicated mortgage relationship managers who will help guide you through every step of the way.

• Borrow up to a maximum of 80 percent of the property value

• Mortgages available for salaried, self-employed and professionals

• Repayment Period up to a maximum of 25 years

• Competitive interest rates

• Quick and easy processing

• Minimal processing and application fees

• Mortgages are available on completed freehold properties, developed by our approved developers
  

Find out more

Call - +971 (0) 4 422 3989

Email - uaemortgagecustomermanagementdesk@barclays.com

Visit us - Barclays Branches

Mortgage FAQs

1. How do I know if I am eligible to apply for a mortgage?
All nationalities and UAE residents who wish to purchase a completed property in the designated freehold areas of Dubai can apply for a mortgage from Barclays.
If you are a minimum of 21 years of age and not surpassing the age of 70 years on maturity of the mortgage term, you are eligible to apply.
Being a responsible lender we assess each application on a case-by-case basis, based on the information you provide us regarding your employment and financial net worth.

2. How much of a down payment or deposit do I need to buy a home?
At Barclays, our financing depends on factors such as whether it is first or second mortgage and a resident of UAE applying for a mortgage. Your Relationship Manager will provide you details on the down payment you would require to have available, depending on your Loan-to-Value eligibility.

3. What costs should I anticipate when buying a home?
When you submit a mortgage application you will be asked to pay a non-refundable application fee together with a processing charge. The processing charge is usually a percentage of the amount requested and is refunded if your application is declined. This charge will not be refunded if your application has been declined based on fraudulent or inaccurate information provided.
You will also incur a valuation fee, for a valuation of the property you are purchasing to ensure that the property has suitable security for the mortgage.
In addition, you should also bear in mind costs such as property broker fees, Title and Transfer Deed fees, developer’s fees and moving costs (if applicable).

4. Why does the property have to be surveyed?
Once an application has been approved and a property is identified, Barclays obtains a professional valuation on the property from one of its valuation firms to ensure that the property you are purchasing is suitable security for the mortgage. It is also carried out for Barclays’ own usage and helps in calculating the LTV, which is determined on the lower of the purchase price or assessor’s valuation.

5. Is the interest rate quoted to me at the application stage fixed throughout the lifetime of my mortgage?
For Variable rate: No, the Barclays Mortgage Rate (BMR) quoted at the application stage is indicative, and may be subject to change before or after the mortgage is disbursed.

For Fixed rate: The BMR quoted at the application stage is a fixed rate for the period you opted, and will be changed once the fixed period expires.

In case your BMR changes after the offer letter is provided or during the lifetime of your mortgage, our service Ambassadors will notify you on the relevant changes and will assist you in making the necessary amendments.

6. If mortgage interest rates fluctuate what happens to my monthly mortgage payment?
If mortgage interest rates fluctuate, Service Ambassadors will contact you on the changes and your existing monthly payment will be adjusted to reflect any of the decrease or increase of the Barclays Mortgage Rate (BMR).
We recommend that in cases where the interest rate is subject to increase you ensure that you have sufficient funds to cover your mortgage payments to avoid late payment fees.

7. What is the term of the mortgage offered?
At Barclays, we offer a term between 5 to 25 years for a mortgage – up to your 70th birthday. If the selected mortgage term takes your age past 65 years, you will need to provide us with evidence of sufficient income to meet your monthly repayments.

8. I am making mortgage payments every month, can you tell me where my payments are going?
When you make a monthly mortgage payment, the interest accrued and the outstanding portion of the capital are repaid. Gradually, over the term of the mortgage the balance is reduced and the mortgage is fully paid at the expiry of the mortgage term.

9. The seller has given a Power of Attorney, can the attorney receive the disbursal cheque on the seller’s behalf?
Yes. however, payments will only be made in the name of the seller, or in the actual name of the party or parties that are selling the property. it is not possible to have a payment cheque made out to any other party unless the power of attorney specifically states otherwise.

10. What’s a Power of Attorney (POA)? What kind of legal authority can be granted with a Power of Attorney?
A power of attorney is a legal instrument that is used to delegate legal authority to another. The person who signs (executes) a Power of Attorney gives either broad legal authority; or very limited authority to another person to act on their behalf, for instance:

• Conduct your banking transactions
  
• Make legal claims and conduct litigation
  
• Buy or sell your real estate
• Manage your property 
• Invest, or not invest, your money 
• Attend to tax and retirement matters
• Make gifts on your behalf
  

At Barclays Mortgages UAE, we ONLY accept PoA’s that have been notarised with both parties involved after stringent verifications have been conducted to ensure the validity of the original. Moreover, we reserve the right to accept PoA’s based on an individual case-by-case basis.

N.B.: A power of attorney can be abused, and therefore, it is important to appoint an agent who is completely trustworthy, and the agent requires to provide complete and periodic accountings to you or to the third party.

11. Can I make extra payments on my mortgage?
Yes, you can certainly make extra payments on your mortgage during the annual year of the mortgage. You will incur partial payment charges in accordance to the Schedule of Charges and payable on the day when the partial payment is made.

Schedule of Charges which will be displayed or be otherwise available in each of our UAE branches at any time. The Schedule of Charges are subject to change from time to time, the Bank’s determination shall be made at its own discretion and shall be conclusive.

12. If I sell my home, what happens to my mortgage and are there any charges involved?
Barclays will be pleased to assist you in the steps involved in purchasing yet another property, and paying out your existing mortgage. If you are replacing your mortgage with an amount equal to or greater than the existing mortgage, a processing fee for the new mortgage will not apply. However, if you are redeeming your mortgage in cash or transferring to another financial institution please refer to Schedule of Charges for further details.

Application process

Barclays Mortgage Rate

Current Barclays Mortgage Rate

Historic Barclays Mortgage Rates

For Historic Barclays Mortgage Rates, please click here.

For further information, please contact your respective relationship manager.