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Abu Dhabi Finance to Expand in Mortgage Market
ABU DHABI - Leading mortgage provider Abu Dhabi Finance has launched a campaign to ‘significantly expand’ its reach in the coming months.
Even though the ADF was launched in November 2008, “we cover, at present, more than 60 per cent of the market through our partners Aldar, Sorouh, TDIC, Capitala, and the Profile Group Properties,” Philip Ward, Chief Executive Officer of the company told Khaleej Times here.
He, however, declined to specify what are the targets set for the company and when they will be achieved.
“Abu Dhabi Finance aims to be the best and the biggest mortgage provider in the UAE, but we acknowledge this will not happen overnight. We will continue to expand our operations by adding touch points, stepping up our marketing, and developing special offers for specific developments together with our partners,” he said in response the questions on the company’s targets. “This ambition means we will continue to offer mortgages to applicants from a wide range of backgrounds. We will also continue to finance a wide range of properties, from high end luxury to middle income homes,” Philip Ward said, “Since we launched last November, the number of leads and the number of mortgage applications we have received have far surpassed our initial expectations.It was clear the market was ready for our offer.”
“Now, as we enter a traditionally quieter period for mortgage loans, we are aiming to stimulate the market with a wide-ranging campaign.” According to him the campaign which will run for more than four months is based on the genuine strength of the property market in Abu Dhabi.
“Many consumers have been unsure whether the time is right to take on a mortgage. Well, we believe the time is right.”
“We have seen buyers pausing for breath whilst many mortgage lenders have scaled back on lending. However, speculators have stopped buying and this has given way to long term investors. This is healthy for the market in the long term and is a sign that the market is maturing.”
“We have also seen a general uplift in liquidity in the last quarter. Banks that had stopped lending are making inroads into the mortgage market again. While liquidity is still not as prevalent as it was 18 months ago, it is returning and I believe we will see a modest interest rate drop in the second half of the year, Philip Ward said.”
Key to the future of the market is paying greater attention to supply and demand. What the market needs is the right level of supply of the right type of property for the current and future demand. Abu Dhabi is getting this balance right which will lead to a stable and prosperous market.”
“We offer mortgages that are appropriate to the individual’s circumstances and we practice responsible lending. With a Loan to Value ratio of 85 per cent and a maximum Debt service ratio of 55 per cent, we aim to ensure our clients can comfortably pay their monthly installments, regardless of the size of their loan,” he said in response to the profile of the clients that ADF was targeting.
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