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dikane
Posts 865
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19/04/2011 16:22:58
not mortgage related, but a friend did this with his car payments. he lost his job here and couldnt afford to pay the instalments. after a couple of months he got a job in the uk, spoke to the bank and said he'll be leaving & paying from there. they didnt want to hear about it. in the end, he just left without giving notice, paid off his car from there, got another job in dubai, moved back and the bank was none the wiser. they were too happy he was paying.
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Cheeky Monkey
Posts 1517
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19/04/2011 16:19:50
Just be quite vague with them, tell them you will 'get back to them' with information you don't really want to give them and just never do, they are not very persistent... deal with them on email rather than the phone, easier to ignore! So long as your mortgage is always paid, that's all they really want from you as far as we can tell!
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Ranches rose
Posts 176
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19/04/2011 15:54:28
thanks cheeky monkey ours is with Lloyds as well so let hope!! fingers crossed
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Cheeky Monkey
Posts 1517
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19/04/2011 15:30:39
We own a house and have a mortgage with Lloyd's and don't live in Dubai anymore... we have been in and out of Dubai without any problems. They know we now live in the UK, when we left we just told them we were leaving with DH's job but were likely to be returning to Dubai, we haven't done... they don't seem to care.
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newella
Posts 140
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19/04/2011 15:20:34
It can be done, a friend of mine owns a house at the Lakes, mortgage through DIB (have to add it was a 90% mortgage as well), they left last year and the bank has no issue as long as they pay their mortgage.
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Ranches rose
Posts 176
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19/04/2011 14:07:06
Thanks for all your thoughts on this .. I am really with you on this dubaicat, there must be people who have left here but still have a mortgage!! we cant all close down the amount owing before we leave! do anyone know of anyone that has left and still got property here?
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DubaiCat
Posts 9896
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19/04/2011 13:40:41
I'm curious. Are there any overseas investors who took local mortgages here? If so, how did they manage it? Surely if the mortgage is covered each month the bank couldn't care less where you are.
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Posts
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19/04/2011 13:35:04
Barbie doll wrote:
If you go away without settling your mortgae, the bank will send your name to Dubai airport & u will never to able to visit this place ever again, without being caught at dubai airport & being sent off straight to jail. So pls bear in mind all these factors. I wish u all the best.
I don't think this is right, the bank would have to go through the courts etc first. I think the banks are becoming more and more accomodating to this particular scenario as increasing numbers of people are most probably defaulting. If you speak to someone senior at the bank see if they would accept the rental income for a few years until the prices of the properties start to go up?
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Barbie doll
Posts 748
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19/04/2011 13:28:36
If you go away without settling your mortgae, the bank will send your name to Dubai airport & u will never to able to visit this place ever again, without being caught at dubai airport & being sent off straight to jail. So pls bear in mind all these factors. I wish u all the best.
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Zannie
Posts 5057
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19/04/2011 10:34:45
Personally wouldn't mention you are leaving. The bank may put a travel ban on you if they suspect you are. If it's a UK bank based in the UAE, they will be subject to laws here (though National Bank of Dubai - I think), they'll have no connection to the branches in the UK.
If you leave, just make sure there is enough money to cover the mortgage each month. Once you're home, then approach them and explain. But wouldn't say anything until then, just in case.
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Ranches rose
Posts 176
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19/04/2011 09:17:53
thanks ladies... is anyting simple here! 
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Posts
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19/04/2011 09:17:21
RR when you say with a uk bank do you mean a branch of it here in dubai ?
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Clairehdp
Posts 15152
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19/04/2011 09:12:57
Ranches rose wrote:
thanks simpleasabc, we have tenants but the rent does not cover all the mortgage..... how do people leave here and still own property ??
I'm not sure - I think many leave and don't say they are leaving as my understanding is that as soon as your final pay goes into the bank and is marked as final salary your accounts can get frozen and your mortgage becomes payable......... surely now things are different - I hope for you that they are. Hopefully the banks are more approachable. If you are with a UK bank and are returning to the UK and will be working in the UK - they should be understanding but I think it's down to who you get to see on the day. Hopefully someone who is in the same situation or has done the same can advise you better. good luck with your new adventure.
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Cornish Pixie
Posts 5502
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19/04/2011 09:10:42
Ranches rose wrote:
thanks simpleasabc, we have tenants but the rent does not cover all the mortgage..... how do people leave here and still own property ??
with great difficulty, I don't think there is anything you can do except sell the villa and pay off the mortgage.
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Ranches rose
Posts 176
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19/04/2011 09:07:42
thanks simpleasabc, we have tenants but the rent does not cover all the mortgage..... how do people leave here and still own property ??
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simpleasabc
Posts 7273
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19/04/2011 08:52:18
Get tenants in place having paid a year in advance, enough to cover your mortgage and more, before talking to the bank? (I know nothing about finance and banks, particularly in Dubai, so it's just a thought..)
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Ranches rose
Posts 176
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19/04/2011 08:46:44
we are seriously thinking our time is done here  but hav a mortgage with a very good UK bank dont know if I can say the name on here? my DH is worried that we may be asked to pay it off..... cant afford to do that! Is there any ladies out there that are clever enough to know about leaving dubai but still having a Mortgage here?? Thanks in advance 
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