{"id":923,"date":"2018-03-05T06:30:35","date_gmt":"2018-03-05T06:30:35","guid":{"rendered":"https:\/\/www.mortgagefinder.ae\/blog\/?p=923"},"modified":"2020-12-20T08:25:51","modified_gmt":"2020-12-20T08:25:51","slug":"interest-rate-is-not-the-most-important-aspect-of-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.mortgagefinder.ae\/blog\/interest-rate-is-not-the-most-important-aspect-of-a-mortgage\/","title":{"rendered":"Why the interest rate is not the only important aspect of a mortgage"},"content":{"rendered":"\n<h3>A common mistake many buyers make is only looking at the headline interest rate when finding a mortgage. But, in order to get the best deal on a home loan, the interest rate should not be looked at in isolation.<\/h3>\n\n\n\n<p>It needs to be considered with all the other costs associated with acquiring a mortgage \u2014 including arrangement and processing fees, life insurance, and other charges that come due in order to get the loan. Read on for the important questions you should consider:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2018\/03\/shutterstock_236029696.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" width=\"800\" height=\"530\" src=\"https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2018\/03\/shutterstock_236029696-e1531307915110.jpg\" alt=\"Many mortgage \/ finance buyers only look at the headline interest rate which is an easy mistake to make. The interest rate should not be looked at in isolation but considered with all the other costs such as arrangement \/ processing fees, life insurance and other charges that you pay to get the loan.\" class=\"wp-image-928\" srcset=\"https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2018\/03\/shutterstock_236029696-e1531307915110.jpg 800w, https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2018\/03\/shutterstock_236029696-e1531307915110-400x265.jpg 400w, https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2018\/03\/shutterstock_236029696-e1531307915110-768x509.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/figure><\/div>\n\n\n\n<h2>Does the bank charge an arrangement or processing fee? If so, how much is this?<\/h2>\n\n\n\n<p>Bank arrangement fees can range from zero to 1.5%, or higher. This has a huge impact on upfront costs, but in certain cases can be negotiated. Some banks also charge an application fee, generally AED 1,000, plus VAT, which is an additional charge in a lot of cases.<\/p>\n\n\n\n<h2>Do you have to take the bank\u2019s in-house life insurance or can you assign a policy?<\/h2>\n\n\n\n<p>Life insurance is mandatory in the UAE and in some cases has to be paid for in full for the entire mortgage term up front. Banks generally charge 0.1% to 0.8% per annum on the decreasing mortgage balance, some ask for level term insurance. The ability to assign an external life insurance policy is a great benefit and should provide considerable savings to clients. This needs be explored in detail and the costs\/savings calculated. You can learn more about mandatory life insurance for your UAE home loan <a href=\"https:\/\/www.mortgagefinder.ae\/blog\/life-insurance-for-mortgage-applicants\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">here<\/a>.<\/p>\n\n\n\n<h2>Is there a requirement for Salary Transfer?<\/h2>\n\n\n\n<p>This is an important aspect in terms of control. If at all possible it is recommended not to undertake a salary transfer. Opting out of a salary transfer allows the client to manage their finances appropriately since a salary transfer agreement obliges the client\u2019s employer to advise the bank of any change of employment, even if there is a reasonable explanation, like moving for a better paid job. The banks will generally hit panic stations and assume the client will abscond, potentially freezing clients\u2019 accounts and funds.<\/p>\n\n\n\n<h2>Fixed vs Variable: What is the reversion rate? Is this linked to EIBOR or a bank base rate?<\/h2>\n\n\n\n<p>The vast majority of banks offer a fixed rate of anywhere between 1 and 5 years. This fixed rate will then \u2018revert\u2019 to a different rate that is a margin over EIBOR (the UAE Central Bank\u2019s daily reference interest rate), or a bank\u2019s own in-house base rate. It is important when first taking the mortgage to understand what the reversion rate is and how it is calculated.<\/p>\n\n\n\n<p>It is possible to re-negotiate with the bank to take out a new fixed rate once your original fixed rate term ends. The UAE Central Bank regulation of a maximum penalty of 1% (and capped at AED 10,000 max.) to refinance a mortgage with another lender can be used as leverage in re-negotiations.<\/p>\n\n\n\n<p>Alternatively, there are mortgages which offer a variable rate linked to EIBOR from the outset, these historically prove cheaper over the medium to long-term, therefore there is no reversion rate. But keep in mind the payments could go up (or down) from day one in line with EIBOR fluctuations. There is also a fixed payment mortgage which shouldn\u2019t be confused or sold as a <a href=\"https:\/\/www.mortgagefinder.ae\/blog\/fixed-and-variable-mortgage-rates-explained\/\">fixed rate mortgage<\/a> for the term.<\/p>\n\n\n\n<h2>Are overpayments allowed and what if the mortgage is settled early?<\/h2>\n\n\n\n<p>When speaking with prospective clients a common theme is that they want to repay their mortgage as soon as possible and be debt-free. Overpayments are a common feature with the average overpayment allowance being 20% per annum penalty free. These partial payments will reduce the mortgage term (or can reduce the monthly payment on request). Interest is calculated on the outstanding balance so the lower the mortgage balance the lower the amount of interest charged and ultimately the quicker the mortgage is repaid. It is important to remember, as stated above, that there is a 1% fee, capped at AED 10,000, banks can charge on early settlement or overpayment.<\/p>\n\n\n\n<h2>Here&#8217;s how all of this impacts that headline rate you&#8217;re seeing:<\/h2>\n\n\n\n<p>For example, a product with a headline rate of <strong>2.99%<\/strong> which might seem attractive in comparison to a rate of <strong>4.29%<\/strong> but consider the potential of:<br>\u00ac 1% arrangement fee<br>\u00ac 0.66% life insurance<br>\u00ac Requirement for Salary Transfer<br>\u00ac Reversion rate of over 5.55% after 1 year<\/p>\n\n\n\n<p>Compared with a headline rate of <strong>4.29%<\/strong> fixed for 2 years:<br>\u00ac Zero arrangement fee<br>\u00ac 0.2% with external life insurance<br>\u00ac No requirement for Salary Transfer<br>\u00ac Reversion rate after 2 years of 4.99%&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td><strong>Headline Rate<\/strong><\/td><td><strong>2.99%<\/strong><\/td><td><strong>4.29%<\/strong><\/td><\/tr><tr><td>Arrangement Fee<\/td><td>1%<\/td><td>0%<\/td><\/tr><tr><td>Life Insurance<\/td><td>0.66%<\/td><td>0.20%<\/td><\/tr><tr><td><strong>Total Annual Percentage rate:<\/strong><\/td><td><strong>4.65%<\/strong><\/td><td><strong>4.49%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Despite first impressions, the annual percentage rate for the 4.29% product is actually lower than the 2.99% offer.&nbsp;<\/strong><\/p>\n\n\n\n<p>It is vitally important to consider all the costs and not to be misled by enticing 1-year rates. A professional, independent mortgage consultant can help you navigate and negotiate these different costs \u2014 <a href=\"https:\/\/www.mortgagefinder.ae\/blog\/5-reasons-use-mortgage-broker\/\">that\u2019s why speaking with a broker always makes sense financially<\/a>.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>By <a rel=\"noopener noreferrer\" href=\"https:\/\/www.linkedin.com\/in\/brendan-kennelly-60074529\/\" target=\"_blank\">Brendan Kennelly<\/a>, Senior Mortgage Consultant at Mortgage Finder<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" src=\"https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2020\/12\/MFcircle-photos-Brendan.jpg\" alt=\"\" class=\"wp-image-2432\" width=\"200\" height=\"200\" srcset=\"https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2020\/12\/MFcircle-photos-Brendan.jpg 400w, https:\/\/www.mortgagefinder.ae\/blog\/wp-content\/uploads\/2020\/12\/MFcircle-photos-Brendan-150x150.jpg 150w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/figure>\n\n\n\n<p><span style=\"font-size: 10pt;\">&nbsp;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A common mistake many buyers make is only looking at the headline interest rate when finding a mortgage. But, in order to get the best deal on a home loan, the interest rate should not be looked at in isolation. It needs to be considered with all the other costs associated with acquiring a mortgage [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[3,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why the interest rate is not the only important aspect of a mortgage<\/title>\n<meta name=\"description\" content=\"Many mortgage \/ finance buyers only look at the headline interest rate which is an easy mistake to make. 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