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Hi I'm wanting to buy a property here in afew months time and just been looking at the options. Two big problems are I've only been here since 3 months and I am working on a total comission basis (no retainer/base). I've been told by a friend in banking that no banks will give you a mortgage unless you have a base salary over 10000 monthly and even if I'm earning 20000-30000 if its all comission I won't get a mortgage.

Has anybody come across a similar problem or been able to get a mortgage with a income only comission based? I've also heard you have to be here 1 year before you can get mortgaged by a bank... is this true. I also have a property in my home country... I don't know if that makes any difference?

Also does anyone have an opinion of where the best place to buy would be with a budget under 1.5mil? I was thinking of something off-plan but I'm not sure now, I've been warned by those in construction that the price of building material is going up so much that they can't afford to build for the amount things are sold for and in the end you don't get exactly what you expect as they have to cut costs. What are others opinions... location? and finished or not?

Hi

Having purchased a property myself and gone through the mortgage application process, I have to agree with your friend's observation as the banks here are not very flexible, and a stable base income is paramount for any loan approvals. Being here for only 3 months will not be adeqate unless you can provide sufficient collateral and / or guarantees to underwrite your mortgage.

Re property selection... I would recommend going for something closer to completion in the prime areas. The key is finding something that you would live in if the market turns south. A safe bet would be to buy a property from the big developers like Emaar, Dubai Properties, Nakheel etc.

Good luck

Without 6 months bank statements showing your 'salary' going into your account, plus a salary certificate, you will find it pretty much impossible to get a mortgage here unfortunately.

Hi
In your case you can't mortgage property unless your bank statement shows basic salary. Try to telling the bank that your income is enough to manage bank requirments

Hi
In your case you can't mortgage property unless your bank statement shows basic salary. Try to telling the bank that your income is enough to manage bank requirments