Dubai Marina Apartment for a UK Oil & Gas Engineer
AED 2,100,000 · 25 years · 4.99% fixed 3 yrs. A UK petroleum engineer working in Dubai on a tax-free package needed to purchase rather than rent in Dubai Marina.
The Client
UK Expats - Primary Residence
The Challenge
A UK petroleum engineer working in Dubai on a tax-free package needed to purchase rather than rent in Dubai Marina. UAE mortgage applications require a residency visa, Emirates ID, and UAE-based salary transfer, all of which were in order. However, the client's UK credit commitments needed careful management alongside UAE affordability rules.
Our Solution
Doulton placed the mortgage with a UAE bank experienced in lending to Western expat professionals. UAE Central Bank affordability rules (maximum 50% debt-burden ratio) were satisfied. The engineer's UK mortgage on a rented-out property was excluded from the UAE calculation on the basis it was income-generating.
The Outcome
Dubai Marina apartment purchased. UK rental income covering the UK mortgage. Dubai tax-free salary covering the UAE mortgage. Net financial position substantially improved versus renting in Dubai. Key highlights: UAE Central Bank debt-burden rules satisfied; UK rental property excluded from UAE affordability calculation; Net financial improvement versus renting.