With so many new developments currently being handed over, market uncertainty can lead to villas and apartments being under-valued by cautious valuers. This can cause serious problems for the purchaser who has a final payment to make to the developer and is relying on bank finance.
With many people already stretched to their financial limits, the prospect of having to find additional cash, (potentially in the hundreds of thousands of dirhams), to complete their purchase, this can obviously be a very stressful situation. If the purchaser cannot provide the cash in time, they risk being charged penalty interest by the developer and potentially even losing the property.
However, a new mortgage product, available via mortgagefinder.ae, can help solve this issue. With this particular product the bank will base their valuation on the original purchase price. In addition, for certain approved development handovers, there is no valuation fee charged to the client which will save over AED3K.
For further information and a free eligibility assessment please contact exclusivelinks@mortgagefinder.ae
Written by:
Ian Vaughan CeMAP
Senior Mortgage Consultant
mortgagefinder.ae
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