Have you heard that secondary mortgages are temporary suspended?

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“Dubai Bank today suspended all approvals of mortgages for secondary market purchases. Until further notice they will only lend for off plan developments. Several other banks followed suit.
Lloyds TSB were still offering mortgages on the secondary market this morning but wouldn’t say for how long.”, says a post in a popular online forum for real estate professionals.

We couldn’t find any information on the web, neither received confirmation from the banks.

Definitely, such action doesn’t make a lot of sense now, after the Government approved and implemented with immediate effect a series of measures to back up the banking sector and injected billions in the economy.

“The crunch is here!”, continued the source, but we won’t let it in!

3 COMMENTS

  1. I am banking with ADCB and my contact in the bank says that there is no problem financing properties from the secondary market.
    Hopefully someone shares info from the other banks.

  2. The mortgage adviser at Dubai Bank’s branch on the Bank Street in Bur Dubai told me over the phone that properties from the secondary market are financed as usual.
    Of coarse one should match to criteria, as the approvals are for registered with the bank developments.

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