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Yes, this is called a buyout/refinancing. Many homeowners switch banks to secure lower rates, better terms, or flexible repayment options. A mortgage buyout usually takes 2 to 4 weeks, depending on the bank, your documents and the complexity of the case. In many cases, you can switch banks as early as 3 months, though the exact timing depends on the bank's policies 

It is also important to factor in the associated costs, which include:
Bank processing fee: There are no processing fees under a pure buyout transaction 
Mortgage registration fee: 0.25% of the loan amount plus admin fee (around AED 290).
Property valuation fee: usually AED 2,625 to AED 3,675 (incl. VAT), depending on the bank and property. Selected buyout offers refund up to AED 3,000 (excl. VAT).
Early settlement fee: 1% of the outstanding balance, up to a maximum of AED 10,500 (incl. VAT).

Some banks do run promotional offers time to time, where they refund part or all of these fees making a mortgage transfer even more cost-effective. It is worth checking current offers with your advisor before you make the switch.

See the full cost breakdown in our mortgage buyout guide.

The mortgage application process takes between 2 to 3 weeks for residents and 3 to 5 weeks for non-residents, depending on the bank and the type of the transaction. However, timelines can vary based on the complexity of the application and individual bank requirements.

To ensure a smooth experience, we recommend reviewing the Pre-approval documents and gathering them in advance. Ideally, having all the necessary paperwork ready will help streamline the process. To start, the main documents will suffice initially, and the rest can be arranged over time

In the UAE, fixed-rate mortgages offer an interest rate that remains constant for a predetermined period, typically ranging from 1 to 5 years. After this fixed period, the rate usually transitions, often linked to the Emirates Interbank Offered Rate (EIBOR) plus bank margin.

On the other hand, variable-rate mortgages have interest rates that adjust periodically based on market conditions, directly influenced by EIBOR. This means your monthly payments can vary, potentially decreasing if rates fall or increasing if they rise.  Choosing between these options depends on your financial situation and risk tolerance. It's advisable to contact our mortgage advisors to determine the best fit for you.

The Loan-to-Value (LTV) ratio represents the percentage of a property’s value that can be financed through your mortgage. UAE nationals can qualify for up to 85%, expats typically qualify for up to 80%, and non-residents can generally borrow up to 75%. For Islamic financing, Finance-to-Value (FTV) ratio is used, which works similarly but follows Sharia-compliant guidelines.

Minimum salary requirements for a mortgage in the UAE typically start at AED 10,000 per month for UAE residents and AED 15,000 (after tax in equivalent currency) for non-residents.

To verify your salary, you will  need to provide documents such as a salary certificate, bank statements reflecting the salary deposits, and payslips addressed to the bank. In some cases, banks may also request proof of residency or a copy of your employment contract. For a detailed list of the required documents, please visit our Pre-Approval Documents.

Yes, non-residents can apply for mortgages in Dubai. However, the process and eligibility criteria may differ from bank to bank. Typically, non-residents are required to have a strong financial profile, and the maximum Loan-to-Value (LTV) ratio offered is around 75%.

Our team is dedicated to assisting non-residents by simplifying the mortgage application process, guiding you through the eligibility requirements, and finding the best mortgage options tailored to your needs. Whether you are investing from abroad or planning a future move, we ensure a smooth and seamless experience.