With its 'Compass' mortgage, Abu Dhabi Finance offers a minimum loan amount of Dhs250,000, with the maximum amount will depending on the individual applicant's circumstances. Other features of the new product include maximum mortgage tenure of 30 years, an upper age limit of 70 at loan maturity, and the option to repay up to 10% of the outstanding loan amount once per year without incurring any early repayment charges.
The mortgage is expected to appeal to buy to let investors, as well as those seeking equity release and remortgaging.
Mortgage repayment options are flexible to ensure the product suits the client's requirements. They include an interest only option for both completed properties and those under construction, regular capital repayment, and a combination of interest only for a part of the mortgage and capital repayment for a part of the mortgage ('Part and Part').
Philip Ward, Chief Executive Officer of Abu Dhabi Finance, said:
'We are delighted to bring this new product to the market. We know that there is a strong demand for mortgages for non residents which we are now in a position to help to satisfy. Our non resident product, Compass, will also provide an option for those expats who are here on a fixed term contract and expect to be transferred to other destinations. With our Compass mortgage, they can still invest in property in Abu Dhabi with confidence.'
Abu Dhabi Finance was launched in 2008 and has since grown to cover more than two thirds of the property market in Abu Dhabi.
Developers currently covered include Aldar Properties, Sorouh Real Estate, The Tourism Development and Investment Company, Capitala, Green Emirates Properties and Profile Group Properties.
Al Dana: World Trade Centre, The Gate Tower; Al Bandar: Al Manara, Al Barza, Al Naseem Residences; Al Gurm; Al Zeina; Al Seef; Rihan Heights; Alghadeer; Jouri & Khuzama Town Homes; Gardinia Narjis: Lailak Villas; Orchid Villas; The Gate District: Sky Tower, Sun Tower; Tala Tower; Marina Heights I and II; Phase I and II Saadiyat Island; and Yas Island.