Barclays/Barclaycard

Barclays brings fixed rate mortgages to homebuyers in the UAE

Dubai, October 18 2010: Barclays has brought fixed rate mortgages to homebuyers in the UAE.  Barclays Fixed Rate Mortgage will give homebuyers the added security of knowing how much their monthly repayments will be during the fixed rate period enabling them to budget and plan ahead. This offers customers access to a fixed interest rate as low as 5.99% with an option to freeze the rate for up to three years.

As part of the introduction of Barclays Fixed Rate Mortgage, potential homeowners can expect a full refund for valuation charges*, processing and application fees will be waived too.  Another feature of the offer is free life insurance for the first year.  These additional benefits will help relieve customers from some of the additional costs associated with the initial purchase of their home.

Mark Elliott, Director of Sales, Barclays, UAE, said: “We are committed to responding to our customers changing financial needs. We expect our fixed rate mortgage offer to be a breath of fresh air for customers as they protect themselves from fluctuating interest rates. ”

The introduction of a competitively priced fixed rate mortgage product will also provide an opportunity for a greater number of homebuyers to own a home.

Elliott added: “Borrowing from an established financial services provider is an important factor for our customers and this offer highlights our strategy of offering value to our customers as well as easy and transparent mortgage products.”   

Barclays, a 300 year old global financial services provider, offers a range of products which includes personal accounts, loans, credit cards, insurance and investment services. In response to customer feedback, Barclays introduced Premier and Premier Life banking services to the UAE in 2008.  Through the network of international flagship branches customers have access to these facilities in both Abu Dhabi and Dubai.

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About Barclays Fixed Rate Mortgage

• Rates as low as 5.99%

• After the fixed rate period the interest rate will revert to the prevailing Barclays mortgage rate

• Customers can benefit from a maximum loan to value of 75%*

• Full refund of valuation charges

• No processing fees

• No application fee

• Free life insurance for one year

• The offer is for UAE residents only

• Barclays Mortgages are available for completed properties only

• The minimum mortgage term is five years and the maximum is 25 years 

• The mortgage applicant should have a minimum age of 21 years and should not be older than 65 years

Offer is valid until 31 December 2010