The National published an article on how homeowners are being affected due to increasing mortgage rates.

UAE homeowners have been hit by new year mortgage rate increases as banks pass on rising interbank-borrowing costs. It comes hard on the heels of the first rate increase by the US Federal Reserve in almost a decade and an 11 per cent rise in interbank borrowing costs over the past month.

Here is what Ambareen Musa had to say,

“It will be big for someone who has literally taken a mortgage that’s just right for his income level and can’t afford any more, not so big for someone who has millions in the bank,” said Ambareen Musa, the chief executive and founder of Souqalmal.ae, a price comparison website.

“The mortgage market is not massive but it will have an effect on property owners, typically who have taken a variable mortgage quite a few years ago where the initial fixed rate period has finished. It will affect them 100 per cent.”

For the full article go to The National