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UK Mortgage Loan

Investing in UK property has never been easier, thanks to the new UK Mortgage from RAKBANK.

Enjoy interest rate starting 4.24% p.a. fixed for 2 years and attractive discount on Loan Processing Fee.

  • Competitive interest rates for Salaried and Self-employed customers: 4.24% p.a. fixed  for 2 years followed by 3month EIBOR + 2.24% and for SPV/Company lending: 4.75% p.a. fixed for 2 years followed by 3month EIBOR + 2.99%.
  • Attractive Loan Processing Fees of AED 5,000 only per application irrespective of the Loan Amount.
  • Attractive discounts on Life Insurance at 0.0242% p.m. + VAT as applicable
  • Enjoy expert legal opinion through the Bank’s appointed lawyers
  • Mortgage available for buy-to-let for non-family members, ready properties – Freehold & Leasehold in all major cities in England & Wales
  • Protection against currency fluctuation – pay your loan in AED. Loan will be disbursed in AED and monthly instalment will be paid in AED which is protecting you from any foreign currency fluctuation
  • No In Principle Approval Fee (IPA)
  • Mortgage available for all UAE residents including below customer segments: 
    •   UAE Citizens (Nationals) (Salaried and Self Employed)
    •   Expatriate Workers (Individuals and with valid residence visa and work permit in the UAE) –(Salaried and Self Employed).
    •   Companies owned by UAE Nationals & Expats registered in UAE 
    •   Special Purpose  Vehicles (SPV) - Offshore company set up specifically for the purpose of holding the property
  • Minimum Income required for  Salaried Individuals AED 30,000 \ Month (Single and Joint Expats) and AED 25,000 \ Month (UAE Nationals)
  • Minimum Income required for Self Employed Individuals \ Business Customers >= AED 50,000
  • Maximum Loan Amount up to up to AED 10 Mio for Salaried Individuals and AED 13 Mio for Self Employed / Businesses
  • No deferrals of instalments are allowed on this Loan.
  • If you fail to make any payment due under the Loan or otherwise breach our terms, you will lose the property mortgaged to the Bank as a result of the mortgage enforcement proceedings that we may take.

You need to:

  • Pay all installments and other amounts due on the due dates without delay;
  • Review all other terms & conditions set out in the application form in detail;
  • Regularly check our website (www.rakbank.ae) for updates;
  • Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and
  • Notify the Bank in writing if you wish to prepay your loan prior to its maturity.
  • Transfer your salary to the bank and comply with all documentary and registration requirements as mentioned in the final offer letter.
  • Comply with all requirements as per undertakings like Letter of Undertaking & Consent, etc.
  • The Bank may amend the features, fees, charges, terms & conditions of the Loan on 60 days’ notice to you in advance.
  • The Bank may amend the interest rates for the Loan on 30 days’ notice to you in advance.

 

      Warnings:

  • If you settle your Loan before the availed tenure, you will pay prepayment charges at the rates described in the Service and Price Guide. 
  • If you are late in payment or fail to make a payment on the due date, you will pay default interest at the rates described in the Service and Price Guide.
  • If you fail to make a payment or otherwise breach the Loan terms, this will be a default and the Bank will be entitled, among other things, to:
    • (a) Cancel the Loan and demand full repayment immediately;
    • (b) Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating;
    • (c) Bring legal proceedings against you and repossess the mortgaged property.
       

 

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  • RAKdirect Number 600 54 4049
  • Phone Banking 042130000