bubble_trubble: I too looked into refinancing however our property is in negative equity... meaning we would have to come up with a large sum of money to re-finance it with another bank. I did specifically look into Standard Charter. apart from it not being feasible, I was concerned that they would not reveal to me how my interest rate was calculated. Most banks now will offer you a great intro rate but it almost never stays that way.
I am happy to hear that it worked out for you though! : )
We changed our mortgage from Tamweel to Stan Chart On Jan 11 2010 for this very reason! its easier to move to another than to fight them...tried and gave up...
Marydot I took your advice and called Al Tamimi but unfortunately they represent Tamweel for certain cases. Not cases like the one we are discussing, but they said it's a conflict of interest...
I have been getting many emails from people struggling with similar issues. I will keep you all up to date on what information I get next.
Nutty: you can write me at [email protected]
Marydots: I will write you back very soon - Tamweel is currently offering 4.99% for new mortgages however it's misleading. You have to put something like 50% down to enjoy that initial low profit rate and it will not remain locked in at 4.99%
Bird: Shoot me an email and I will send you what I know.
Maariyah: Thank you for the suggestion. I will start a tamweel page and post on this forum once it's up.
RebeccaS: I was not aware that they were allowing people to transfer mortgages without penalty... however my apartment is in negative equity - so to refinance with a different bank would require me to make a large cash injection that honestly I don't have. Good for you for fighting them and sorting it out with another bank.
abby_n_christina: I will reply to your mail shortly
<em>edited by scwahbeh on 07/03/2011</em>
i have one from them for a 2bedroom in JLT... always thought they were overcharging... but didnt know how to go about it...
have just popped u an email...
HELP!
Are they still doing the offer where you can move your mortgage with NO CHARGES from them? If you can, move your mortgage, far less stressful than fighting them. We unknowingly underpaid our mortgage for 3 years by 4000 a mth because the guy who did our mortgage cut corners to get us a mortgage and fiddled the figures. They were aware of it cos he did it to other people, but never told us till we needed to write more cheques, then told us we owed them tonnes of money! I was pregnant at the time and did a sit in at their HO with my toddler, who I let trash the place till I saw someone who had a brain. After much pressure and emotional blackmail from me (they would not want to put me in early labour or risk my Childs health with all the stress), they waived the masses of interest accrued on the unpaid amount and added it the capital to the remainder of our mortgage.
But as soon as they did the offer of no fees to move the mortgage, we left and now pay 3500 less a mth on our mortgage. But they did have trouble finding the guarantee cheques we wrote and I had to really argue to get them to look harder.
I think you will have more chance of getting people together via a Facebook Group, if you open one let me know and I will pass the details onto my friend who is having similar issues with Tamweel.
Swahbeh,
You have mail.
My friend is having trouble with them too and I know they are now charging almost half of the interest before (around 4.5%) BUT NEED TO CONFIRM.
Whats your email address? We have a mortgage with them and are currently being charged 9.6% and now after 4 years paying owe more than the original loan. Would be very interesting to talk to you.
Are you concerned that they are over charging you in interest? I was and so I took my contract to two financial advisors and a lawyer, all who confirmed that Tamweel was in breach of the contract. After trying to sort it out with Tamweel directly it became clear that honestly they just don't care. I AM SEEKING OTHERS WHO ARE ALSO BEING VICTIMIZED BY TAMWEEL. If you suspect that you are being overcharged please send an email to [email protected]. I can tell you where to look in your contract to see if you are in the same boat as me.
My lawyer advised me to find others in the same situation. The only way to get them to listen is to find each other and start making some noise as a group.