How will coronavirus affect my mortgage?
Your mortgage should remain unaffected by the coronavirus pandemic in the short-term.
If you already have a mortgage, continue meeting your monthly repayments as usual. Should you face financial difficulties that impact your ability to meet your mortgage repayments, we advise you to make contact with your mortgage lender.
The Central Bank of the UAE (CBUAE) has rolled out an AED 100 billion economic stimulus package in response to the coronavirus pandemic. In the circular announcing the package, it was noted that many customers may have become “exposed to the risk of temporary shortfall of their cash flows due to the outbreak of COVID-19 pandemic”. In response the CBUAE has ordered that banks grant temporary relief for a period of up to six months to their customers.
For those of you who are in the process of completing on a property purchase with a mortgage, we anticipate that this will continue as normal as banks are still operating. If you have any issues or concerns, please feel free to contact our team for advice.
The situation is constantly changing and this information was correct as at the time of writing.
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