Mortgage Refinance

The most common trigger is the end of your fixed-rate period, when many borrowers roll onto a higher variable rate of EIBOR plus the bank's margin. It is generally worth reviewing if your current rate sits 0.5% or more above what banks are offering today.

Yes. This is called a buy-out: the new bank settles your outstanding balance with the existing lender and registers a new mortgage on the property. Loanex compares buy-out offers across UAE banks so you can see the net saving before committing.

Expect an early settlement fee with your current bank — capped at 1% of the outstanding balance or AED 10,000, whichever is lower — plus the new bank's processing fee of up to 1.5%, a valuation of AED 500–5,000, and 0.25% mortgage re-registration.

Cutting your rate by 1% on an AED 1.5 million loan over 20 years lowers the monthly payment by roughly AED 800 — close to AED 10,000 a year. Loanex calculates your net saving after fees so you know whether switching is worth it.

Pre-approval takes 24–48 hours. Completion usually takes two to four weeks, covering the new bank's valuation, the settlement of your existing loan, and re-registration of the mortgage with the land department.