Mapping mortgages - The National:
"With the latest figures for consumer debt in the UAE showing that the amount owed is equivalent to more than Dh30,000 for every man, woman and child, there has rarely been a better time for initiatives that improve financial literacy. It is important to break this down into so-called "good debt", such as taking out a mortgage to buy property, compared to spending on ephemeral luxuries of life like fine meals, expensive cars and lavish holidays.
Even within the realms of good debt, there are dramatic differences between the deals on offer, as has been demonstrated just one day after the launch of a nationwide mortgage map created by The National in collaboration with pecunia. me to crowdsource mortgage deals.
Two mortgages, taken out in Al Reef and in Raha Gardens, tell a dramatic story. One is paying 4.5 per cent over 20 years and the other is paying 6.25 per cent over 25 years. By the end of the mortgages the latter will have paid nearly twice as much in interest as the former.
This kind of information was hitherto known only to the banks. Any move that increases transparency must be applauded for saving consumers money while also improving their leverage."
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