The agreement will see John Charcol Dubai, a leading UAE mortgage broker offer home financing of up to 85% to clients in Abu Dhabi.
The MOU was recently signed between Philip Ward, CEO of Abu Dhabi Finance, and Chris Dommett, CEO of John Charcol Dubai. Under the terms of the MoU, John Charcol Dubai will source mortgage clients that meet Abu Dhabi Finance’s required criteria, and will help prospective clients prepare their applications and compile relevant supporting documentation. The final credit decision for all mortgages will be taken by Abu Dhabi Finance.
John Charcol Dubai is the local franchise of John Charcol, the United Kingdom’s (UK) largest and best known independent mortgage broker. It has been the market leader in the UK’s mortgage broking industry since 1974. John Charcol established an operation in the UAE in 2007 after it secured the country’s first mortgage consultancy licence. The company currently works with 16 leading banks and finance houses to offer the best possible range of mortgage products to its clients, together with quality, independent advice.
Philip Ward, Chief Executive Officer of Abu Dhabi Finance, said:
“Abu Dhabi Finance was formed to provide a professional mortgage experience to people buying property in Abu Dhabi. Strategic partnerships with companies that have a proven track-record in offering best-of-breed advice is an essential part of that strategy, ensuring that our clients receive the highest quality of service at every stage of the application process.”
Mr Ward added that the tie-up with John Charcol would provide an extra dimension to the service proposition that is at the core of Abu Dhabi Finance’s relationship with its clients.
Mr Ward said, “Our alliance with John Charcol brings with it a solid reputation, valuable experience, and trusted independent advice. This will not only attract clients looking for the best possible mortgages, but will provide them with the assurance that they have a relationship with two highly respected organisations.”
Chris Dommett, Chief Executive Officer of John Charcol Dubai, said, “As an independent mortgage broker we need to offer our clients the best available products and service in the market. We believe that Abu Dhabi Finance offers these with its commitment to best-of-breed products and its emphasis on top quality customer service. The property market in Abu Dhabi continues to do well, and our relationship with Abu Dhabi Finance gives us the confidence that we will continue growing our business significantly in the Emirate.”
Mr Dommett added, “At a time when many lenders are withdrawing from the market, it is heartening to see the arrival of Abu Dhabi Finance with its commitment to customer service. As a leading independent mortgage broker, John Charcol Dubai is delighted to be able to offer Abu Dhabi Finance’s market leading products to all its UAE clients, and we look forward to a long and successful relationship.”
Abu Dhabi Finance was established and launched in 2008 with capital of Dhs500m. It offers mortgages with a wide range of benefits, including loan-to-value ratios of up to 85%, flexible repayment methods and debt service ratios of up to 55%. Abu Dhabi Finance loan terms vary between three and 30 years.
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