National Bank of Dubai expands mortgage lending to UK customers

NBD is one of Dubai's leading banks and among the top mortgage finance providers in the UAE. The mutually exclusive tie up with John Charcol will not only provide mortgage finance to UK residents investing in the UAE but will also provide re-financing to UK residents who have already invested in the Dubai residential property market. On offer are mortgages for residential properties, both completed and under construction, from 14 reputable developers who are approved by NBD.

"Today's announcement represents NBD's continuing commitment to the mortgage business in the UAE," said Suvo Sarkar, Group Head - Retail Banking, NBD. " As one of the leading retail banks in the country, this tie up with a John Charcol is part of NBD's innovative approach to providing flexible products to a maturing home finance market, and to diversifying our customer base," continued Mr. Sarkar.

John Charcol was established in 1974 and is currently the leading UK independent mortgage adviser with a choice of 4,000 mortgages from over 100 UK lenders.

Duncan Banks, Sales Director, John Charcol stated

"This is an exciting advance for us. We are delighted to be working with NBD on delivering another innovative and unique solution for UK residents and their financial needs. It's a great start to our new operation which will be opening in Dubai shortly and represents our first overseas expansion."

Borrowers in UK will benefit from the consultation expertise of John Charcol and the real estate market experience of NBD. NBD's mortgage products under this partnership have been specifically designed to fit the needs and requirements of the UK market borrower, with competitive pricing, financing up to 70%, fast application processing and customer service arrangements from within the UK.

John Charcol has won numerous awards during its 33 years in the industry including its most recent awards "Best Mortgage Broker 2007" awarded by Mortgage Strategy and "Best Overall Mortgage Broker 2007" by What Mortgage.

NBD was recently awarded the "Best Retail Bank in the UAE" award by The Asian Banker. It offers a comprehensive range of retail lending products including mortgage loans, auto loans, personal loans, credit cards and loans for business finance to UAE nationals. In the area of mortgages, it provides home loans, office loans, home re-finance loans and loans for self-construction of property.