Calling HSBC mortgage holders in UAE
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Calling HSBC mortgage holders in UAE
Have any existing customers encountered issues availing of best available interest rates on their home loans? Are their mortgage customers of other banks who may have similar issues. If so would love to hear from you.
(I'm a journalist not a salesman!)
[email protected]
(I'm a journalist not a salesman!)
[email protected]
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..thanks BlueSkye - I should have been more clear- I'm looking at cases of long standing mortgage customers who are still paying rates of 6 or 7 per cent and not being able to access the same deals that are being offered to new customers (in the range of 4 to 4.5 per cent).
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Interest rates
Wow only paying 6 or 7 percent! Try 8.25 with tamWeel who are offering 4% for new customers...and they wont budge... That is how they fund the cheaper loans .. Using the goose laying the golden egg to prop up new business... And of course most folks are under water with their loans so cant sell out in the current market, and move on without topup cash injected.
Hence the potential rise in defaults ...and of course that winds you up in Jail if you default, .... If you stay n DXB of course.
Funnily, banks relate the interest rates they charge to the risk of default . But what they miss is that high interest rates actually increase the possibility of default as the borrower has no skin in the game . If they dropped rates but kept repayments the same , equity would build quicker and folks might stay in the game longer...but they dont see it that way... Yet.
Good luck !
Hence the potential rise in defaults ...and of course that winds you up in Jail if you default, .... If you stay n DXB of course.
Funnily, banks relate the interest rates they charge to the risk of default . But what they miss is that high interest rates actually increase the possibility of default as the borrower has no skin in the game . If they dropped rates but kept repayments the same , equity would build quicker and folks might stay in the game longer...but they dont see it that way... Yet.
Good luck !
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What he said plus.....
I have a mortgage at Mashreq and about 2 years ago they decided that they didn't want to stick to the interest rate that we agreed upon(6 month EIBOR + 3%), so they decided to hike their rate by 25%.....from 5.8%(EIBOR was 2.8% then) to 7.35%.
Today the worthless piece of s#@t property that I bought for 2 million DHS is worth about 650k, meaning I have a mortgage well over 1 Million in the red.
Today EIBOR is around 2.2% and I am paying about 28 000Dhs per year more on a property that worth 35% of what I paid for.
I think they are a bunch of scum sucking bastards who have no honour and cannot be trusted. Not bad for a country that considers Usury as Haram.
I have a mortgage at Mashreq and about 2 years ago they decided that they didn't want to stick to the interest rate that we agreed upon(6 month EIBOR + 3%), so they decided to hike their rate by 25%.....from 5.8%(EIBOR was 2.8% then) to 7.35%.
Today the worthless piece of s#@t property that I bought for 2 million DHS is worth about 650k, meaning I have a mortgage well over 1 Million in the red.
Today EIBOR is around 2.2% and I am paying about 28 000Dhs per year more on a property that worth 35% of what I paid for.
I think they are a bunch of scum sucking bastards who have no honour and cannot be trusted. Not bad for a country that considers Usury as Haram.
Last edited by Kennytheking; 7th Jun 2012 at 12:06.
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reverse robin hood sindrome
I had a HSBC mortgage, and yes the rate was in the order of 7%.... was advised it was the best rate on offer.
So paid up my mortage, and now have funds on deposit....
The difference between interest paid v interest on offer, is vast......
All banks are robbin hoods.....
glf
So paid up my mortage, and now have funds on deposit....
The difference between interest paid v interest on offer, is vast......
All banks are robbin hoods.....
glf
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Last sale I did, my client got a mortgage of 5.5% at 80% at HSBC (well actually he got 100% :X ) helps to have a creative agent.
Previous sale b4 that 5.9% at 80% for EK Capt.
Previous sale b4 that 5.9% at 80% for EK Capt.
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And does she care what happens to those clients after the deal is closed? Most of the ones I've had dealings with could give a sh*t once the deal is signed...and really...did she answer your question or just brag? You make the call...
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Same Same
WOW, 100% mortgage. Wasn't that the very reason why the US has ended up in such a mess with defaults.
Still, as long as you guys get your commission, who cares, right? 7th Jun 2012 15:50
Yes, that is it. Everyone got 100% loans! No one lost their jobs, no one got furloughed, and property values did not decrease by 30%. You certainly can't blame the drooling buyers who would have never qualified to buy a goat let alone a house. Who filed bankruptcy twice in the past. Because surely they would have never signed for a mortgage that they knew they couldn't afford.
And yep, as long as we get our commission that is all that matters. Thats me :0) I'm filthy rich and I work for the fun of it. I never make friends with my clients. I'm too busy sailing off on my 85ft yacht after I leave the bank. And the only reason we are living in this sandpit almost 10,000 miles away from our family is because....
you take over on that part, it should suit your theories much better than mine.
Still, as long as you guys get your commission, who cares, right? 7th Jun 2012 15:50
Yes, that is it. Everyone got 100% loans! No one lost their jobs, no one got furloughed, and property values did not decrease by 30%. You certainly can't blame the drooling buyers who would have never qualified to buy a goat let alone a house. Who filed bankruptcy twice in the past. Because surely they would have never signed for a mortgage that they knew they couldn't afford.
And yep, as long as we get our commission that is all that matters. Thats me :0) I'm filthy rich and I work for the fun of it. I never make friends with my clients. I'm too busy sailing off on my 85ft yacht after I leave the bank. And the only reason we are living in this sandpit almost 10,000 miles away from our family is because....
you take over on that part, it should suit your theories much better than mine.
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And the only reason we are living in this sandpit almost 10,000 miles away from our family is because...
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It's pretty clear why SassyPilot would want to be at least 10,000 miles away from THAT....god what a nightmare. Bragging about being a parasite! Well, I guess you have to play to your strengths...
Sure glad I never jumped on the property bandwagon, but do feel bad for some who got burned. Here's hoping more get the nerve to just walk away and not look back at these greedy pieces of...
Sure glad I never jumped on the property bandwagon, but do feel bad for some who got burned. Here's hoping more get the nerve to just walk away and not look back at these greedy pieces of...
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I don't blame the buyers. I blame the greedy and corrupt banks chasing the commission as well as the hundreds of underqualified estate agents 'employed' in this part of the World. Do you honestly think that anyone who works on commission only will truly be able to offer unbiased opinion and advice?
It's because house values have the potential of dropping that any sensible bank would restrict the LTV amount. When people like yourself start promoting creative accounting, and still offer 100% mortgages or fiddle valuations, you merely encourage unnecessary risk purely for your own financial gratification. The risk is never with you, it's always with the buyer. In a less regulated and ethical environnment such as Dubai's, that misdemeanour is far easier to achieve. Your attempts at sarcasm fail to hide the corrupt and unethical ethos that are more readily accepted here in the UAE. I sincerely wonder whether you'd be so quick to offer such a loan were you to be employed in the US?
The irony is that several layers up the banking chain, the fat cats of the banking World are indeed sunning themselves on their 85' yachts thanks to yours and others creativity.
It's because house values have the potential of dropping that any sensible bank would restrict the LTV amount. When people like yourself start promoting creative accounting, and still offer 100% mortgages or fiddle valuations, you merely encourage unnecessary risk purely for your own financial gratification. The risk is never with you, it's always with the buyer. In a less regulated and ethical environnment such as Dubai's, that misdemeanour is far easier to achieve. Your attempts at sarcasm fail to hide the corrupt and unethical ethos that are more readily accepted here in the UAE. I sincerely wonder whether you'd be so quick to offer such a loan were you to be employed in the US?
The irony is that several layers up the banking chain, the fat cats of the banking World are indeed sunning themselves on their 85' yachts thanks to yours and others creativity.
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If you cant afford the house dont buy it.
It not like the agent call the buyer to find a house.
The problem lies with the bank, but they are faceless, so its easier to blame the agent.
In the desert prices go up and down like the temperature, so dont buy for more the your live out allowance. The rest is your own risk and gain
It not like the agent call the buyer to find a house.
The problem lies with the bank, but they are faceless, so its easier to blame the agent.
In the desert prices go up and down like the temperature, so dont buy for more the your live out allowance. The rest is your own risk and gain
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Thanks to all who have been in touch regarding mortgages in the UAE. We'd still like to here from people who have grievances with banks over mortgage repayments, exit fees and other issues relating to how interest rates are applied.
Homeowners caught in mortgage rate trap - The National
Homeowners caught in mortgage rate trap - The National
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Homeowners caught in mortgage rate trap - The National
I assume that the above mentioned article is the result of some of the OP's enquiries. I immediately fired off an email to HSBC asking when my reduced interest rate will take effect. Standing by with bated breath and giddy anticipation for their reply.
I assume that the above mentioned article is the result of some of the OP's enquiries. I immediately fired off an email to HSBC asking when my reduced interest rate will take effect. Standing by with bated breath and giddy anticipation for their reply.
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One small thing to consider (although I do sympathise) When we sign a mortgage with a lender, we agree to terms and conditions right? It's a contract between you and the bank to certain terms. It seems you guys want it both ways...change when it suits you, yet when someone else moves the goal posts on you with out due regard for a contract it's a b*tch fest here. Which is it then? What would you have your lender do? Throw out the agreement you signed with them? If it was me that lent you the money I'd have to think pretty hard before I changed anything. Setting that precedent isn't something any lender would easily make. Just sayin'...