What happens to your mortgage when you leave Dubai?
Dubai city offers many exciting job and investment opportunities that make it a popular destination for people from all over the world.
Leaving Dubai doesn't have to mean losing your home. There are a number of options available to you if you need to leave the city, including:- Selling your property- Renting out your property- Taking a sabbatical from work- Working remotely you're thinking of leaving Dubai, it's important to understand what will happen to your mortgage.
Read Related Article:
Best ways to qualify for a mortgage before selling your old home
Selling your property:
If you're thinking of selling your property, you'll need to contact your mortgage lender and let them know. They'll then provide you with a redemption statement, which will detail how much money you owe on the mortgage and any early repayment charges that may be applicable. Once you've sold the property and paid off the mortgage, you'll be free from your obligations to the lender
Renting out your property:
If you're planning on renting out your property, you'll need to get permission from your mortgage lender first. They may require you to take out a buy-to-let mortgage, which is a type of mortgage specifically for people who are planning on renting out their property. Once you have permission from your lender, you'll be able to find tenants and start receiving rental income.
Taking a sabbatical from work:
If you're planning on taking a break from work, you may be able to extend your mortgage for the duration of your sabbatical. This will give you some breathing room financially and allow you to keep your home while you're away. You'll need to speak to your mortgage lender to see if this is an option for you.
Working remotely:
If you're planning on working remotely, you may be able to keep your current mortgage. This will depend on your income and the terms of your mortgage, so you'll need to speak to your lender to see if this is possible.
Regardless of your reason for leaving Dubai, it's important to talk to your mortgage lender to see what options are available to you. They'll be able to help you figure out the best way to keep your home while you're away, whether that's by selling it, renting it out, or taking a sabbatical from your repayments.
For more information, You can visit https://emortgage.ae/ or call on +971 43588070
Our friendly mortgage experts will be more than happy to help!
Conclusion:
There are a number of options available to you if you need to leave Dubai, including selling your property, renting out your property, taking a sabbatical from work, or working remotely. You'll need to speak to your mortgage lender to see what option is best for you and to understand what will happen to your mortgage.
FAQ
1)How do I inform my mortgage lender that I am leaving Dubai?
ANS: You'll need to contact your mortgage lender and let them know. They'll then provide you with a redemption statement, which will detail how much money you owe on the mortgage and any early repayment charges that may be applicable.
2)Can I rent out my property if I am leaving Dubai?
ANS: If you're planning on renting out your property, you'll need to get permission from your mortgage lender first. They may require you to take out a buy-to-let mortgage, which is a type of mortgage specifically for people who are planning on renting out their property.
3)I am taking a sabbatical from work, can I still keep my mortgage?
ANS: If you're planning on taking a break from work, you may be able to extend your mortgage for the duration of your sabbatical. This will give you some breathing room financially and allow you to keep your home while you're away. You'll need to speak to your mortgage lender to see if this is an option for you.