When you start thinking about buying a home you will naturally want to research the best products and rates on the market for your mortgage. But how do you decide whether to apply directly with a bank, or through a broker? Here we break down some of the benefits of using a digital mortgage platform and a mortgage specialist for your mortgage in the UAE.

Should I apply directly with my bank?

You might think the most straightforward option would be to apply for your mortgage directly with your bank. While you may already have a relationship with them, they might not have the best interest rate for mortgages on the market.

Don't assume that your bank can offer you the best rate. Instead, research your options. Using a digital mortgage platform like Holo will save you time researching the market. Holo has access to hundreds of mortgage products from across the UAE's banks. We have access to fixed and variable rate products, and both conventional and Sharia-compliant Islamic mortgages. When you use our mortgage platform, we'll show you all the products that meet your requirements in two minutes. Check it out.

Once you know your options one of our team will give you a call to walk you through your options and answer any questions you might have before you take the next step.

Can I apply for a mortgage directly with any bank?

Yes, you absolutely can. It is also a common assumption that the bank you take your mortgage with will only consider you if your salary is transferred to them. Some banks may make your mortgage approval contingent on this but it is no longer a widespread practice.

Why should I use a mortgage specialist or mortgage broker if I can apply directly with a bank?

A mortgage broker or consultant will have access to a host of products from across all or several of the banks. Their job is to save you time by researching the market for you.

A mortgage specialist will help you understand how much you could borrow and assess your affordability before you make your application. Using a mortgage calculator can help you understand this upfront.

The broker will also centralize the collation of all your documentation. You'll be asked to provide copies of identification documents, visas, proof of income, bank statements, and payslips. They will be able to check all your documents and anticipate and rectify any issues before you submit the application to the bank which makes the process a bit smoother.

We have great relationships with the banks. If you apply directly with a bank, you may find yourself having to call the bank or visit branches to iron out any bumps in the road. Our relationships mean we can quite often progress cases faster with key decision-makers within the banks, saving you the hassle of dealing with call centers or arranging in-person appointments.

Using Holo means you will have one point of contact throughout the whole mortgage process. Once you have your pre-approval status and make an offer on a property we handle everything from instructing the valuation of the property with the bank, arranging the signing of your documentation, liaising with the sellers' agent, and completing the transfer.

It is true that working with a third party to apply for your mortgage can add extra fees to the home-buying journey. However Holo is 100% free. We don't charge any fees at all.

Applying for a mortgage doesn't have to be stressful or unnecessarily expensive. If you're ready to start your home-buying journey, let Holo help.

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This blog is for educational purposes, but everyone's case is unique, and local guidelines and regulations may change. Our mortgage advisors can help you with any question you may have and have the latest advice. Get in touch.