Best Mortgage Brokers Dubai (Highest Google Review 2023)
Looking for a mortgage in Dubai can take up a lot of time, as you need to talk through your financial situation with multiple banks to make a head-to-head comparison. Not only it’s a hassle to manage the entire process, it can get very tedious and overwhelming. What many people don’t realize is that the best mortgage brokers in Dubai have the ‘ins’ with the banks, and can find a better deal than you.
The benefit of working with a mortgage broker, instead of going to the bank directly, is the range of loan options and guidance they can provide based on your profile, bank policies, market situation, and common pitfalls. They act as a middleman between you and potential lenders.
*Photo: lenddoo.com
Best Mortgage Brokers Dubai (Rank By Highest # Google Review)
So who are the ones with a good reputation? We have put together a list of the best mortgage brokers in Dubai, ranked by the highest number of Google reviews.
| Mortgage Broker | Google Review | Website Traffic* |
| Lion Mortgage | 4.9 (292) | 1.1K |
| Mortgagefinder.ae | 4.8 (261) | 54.7K |
| Huspy | 4.8 (237) | 26.9K |
| Homematters.ae | 4.8 (130) | 8.7K |
| My Mortgage | 5.0 (129) | – |
| Holo | 5.0 (119) | 14.4k |
| Capital Zone | 4.8 (73) | 2.8K |
| Lenddoo | 4.7 (50) | 8.9K |
| First Choice Mortgage Broker | 4.8 (25) | 3.8k |
The bigger real estate agencies (below) offer in-house mortgage broker as part of their services who may get bigger leverage in negotiations with banks. But keep in mind, you’re not obligated to get your mortgage with same agency you bought your home from.
| Mortgage Broker | Google Review | Website Traffic* |
| Fam Properties | 4.0 (6411) | 292.9K |
| Haus & Haus | 4.7 (687) | 52.4K |
| Better Homes | 4.0 (487) | 110.7K |
| Allsopp & Allsopp Mortgage | 4.7 (106) | 110.4K |
How do I Choose a Mortgage Broker in Dubai?
The best way to determine if the potential broker has a good reputation is to go through their Google reviews.
Sort the reviews by ‘newness’ to view client’s latest experience with the broker. It’s often a good sign it’s a real review if real names are mentioned, and you can see how the broker treats their clients and what type of service they’re offering.
Similar to a real estate agent, it can be worth your time to speak to a few brokers about your profile and what deals they can offer before proceeding to work with one.
How Many Banks do Mortgage Brokers Work With?
Typically, mortgage brokers search for loan products between 15 to 20 different banks (such as RAKBANK, HSBC, Mashreq, Emirates NBD) in the UAE.
Do Mortgage Brokers Charge a Fee?
No. Almost all mortgage brokers in Dubai we looked into do not charge a fee or commission as they get paid by their banking partners.
Fees Associated with Mortgages in Dubai
| Dubai Land Department Mortgage Fee | 0.25% of loan + AED 290 fee |
| Bank Mortgage Arrange Fee | Up to 1% of loan amount + 5% VAT |
| Valuation fee | AED 1,850 to AED 3,500 + 5% VAT |
| Home Insurance | 0.03% – 0.06% of property value + 5% VAT (annual) |
| Mortgage Life Insurance | 0.01167% – 0.0245% of loan amount (monthly) |
| Bank Fees | i.e. wire transfer & exchange rate fees |
Note: There are also other fees and cost associated to buying a property in Dubai. Hence, it’s important to factor in all of these costs when budgeting for your mortgage.
Do Mortgage Brokers Compare Life Insurance and Property Insurance too?
“Yes, most banks provide life and property insurance along with the mortgage, and the mortgage broker will help facilitate the insurance process as well,” explains Abhishek Rai, mortgage advisor at Lion Mortgage.
“Homebuyer can also choose their insurance carrier (i.e. Zurich and MetLife), but currently only 3 banks in UAE allow this… HSBC, SCB, Bank of Borada. You will need to make sure their insurance coverage can be assigned to the bank.”
Do Banks Provide Home Renovation Loans in Dubai?
“Technically, banks do not offer renovation loans on new property per se. But there is a way around it. After getting the mortgage, client can wait awhile… i.e. at least 3 months, and try to refinance,” says Abhishek Rai, “If the property value goes higher, client can tap into the property’s equity, access the needed funds for renovation.”
“If the client has a fully paid up property, then the banks can give equity or cash against the property to renovate that unit or purchase a new property.”