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Mortgage Refinancing: Take Control of Your Home Loan

Do you have an existing mortgage that is costing you too much or no longer fits your financial goals? At BNW Mortgages, we specialize in making your re-mortgage journey seamless and rewarding. We understand that a small change in your interest rate or loan structure can lead to substantial long-term savings. We’re here to help you unlock the potential of your property by transferring your existing mortgage to a new, more beneficial deal in the UAE.

What is a Mortgage Buyout / Refinancing?

A mortgage buyout (also known as refinancing or a balance transfer) is the process of ending your existing mortgage agreement with your current financial institution and replacing it with a new one from a different bank or lender. This allows you to take advantage of better interest rates, more flexible terms, or access to the equity in your home.

Key Reasons to Refinance Your Mortgage

Significant Savings: Secure a better interest rate from a new lender, directly reducing your monthly EMIs (Equated Monthly Installments)
Reduce Payments: Change to a longer loan tenure to lower your monthly financial commitment and improve cash flow.
Access Cash/Equity Release: Tap into the equity built up in your property to fund new investments, consolidate high-interest debt, or cover large expenses.
Fund New Projects: Obtain a top-up loan on your existing mortgage to finance renovations, upgrades, or even purchase another property.

Ready to Secure a Better Deal?

Don't let your current mortgage hold you back. Let BNW Mortgages assess your current loan and guide you to a more competitive and financially beneficial solution. Contact us today for a free, no-obligation consultation.

Frequently
Asked Questions

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A remortgage (or mortgage buyout/refinance) is the process of ending your mortgage agreement with your current financial institution and transferring it to a new bank or lender, typically to secure more favourable terms, a lower interest rate, or access property equity.

Even a small reduction in the interest rate on your mortgage can lead to substantial long-term savings. Refinancing allows you to reduce your monthly financial commitment (EMI) by either securing a better rate or changing to a longer repayment tenure.

The main reasons include: - To significantly reduce the interest rate on monthly payments. - To access cash for re-investment, debt consolidation, or other major expenses (Equity Release). - To buy another property or upgrade the current one with renovations. - To secure more flexible repayment terms.

Yes, potentially. Depending on the market value of your property versus the remaining payable balance of your mortgage, you may apply for a top-up on your existing loan. This is often referred to as Equity Release.

The amount depends on your property’s valuation and the amount you currently owe. If your property's value has increased, you may be able to borrow a higher sum than your outstanding mortgage balance. The bank will require a recent property valuation report to determine this amount.

EIBOR stands for the Emirates InterBank Offered Rate. It is a benchmark interest rate published daily by the UAE Central Bank. It reflects the average short-term loan funding rate between major banks in the UAE and is a key factor used by lenders to set the interest rates on variable-rate mortgages.

Before moving your mortgage, you must assess all potential costs, which may include: - Early Repayment Charge (ERC): A fee charged by your current lender for terminating the deal early. - Valuation Fee: The cost for a property valuation report. - Legal or Conveyancer Fees: Costs for a solicitor to handle the legal transfer. (Note: We pay standard legal fees for a majority of our products.) - Product or Account Fees: Fees charged by the new bank for setting up and administering the new mortgage.

Not always. For many of our mortgage products, BNW Mortgages will pay your standard legal fees. However, you would typically be required to pay them back if you settle your new mortgage within the first two years.