Quick verdict: Aknaz Mortgages has a friendly team that replies fast and clearly wants to get your mortgage approved. In my experience, though, the process felt rushed, directions and key details were missing, and nobody warned me that I’d need the same AED 7,000 twice: once frozen by the bank, and again to pay fees at the final appointment. It can work for you, but ask for every cost and step in writing before you agree to anything.
Aknaz describes itself as an AI-assisted mortgage platform for UAE homebuyers. I used it for my own mortgage application, so this Aknaz Mortgages review is based on what actually happened to me, alongside the rules and costs every Dubai buyer should know.
Aknaz Mortgages at a glance
| My verdict | |
|---|---|
| Best for | Buyers who already understand the mortgage process and want a quick, responsive broker |
| Less suited to | First-time buyers who need every step and cost explained upfront |
| Biggest strength | A friendly team and fast replies |
| Biggest weakness | Key details and cash requirements shared late in the process |
What went well
A friendly, polite team. Everyone I dealt with was kind and pleasant, and it was clear they genuinely wanted to help me get my mortgage.
Quick replies on routine questions. When things were straightforward, my messages got fast answers. If you value a broker who responds the same day, Aknaz does well here.
Negotiated the best rates. The team negotiated with the banks on my behalf and got me some of the best mortgage rates on offer. For many buyers, that alone makes a broker worth using.
What could have been better
1. Missing or wrong directions
I often had to chase information I’d have expected to get from the start, and some of what I was given was wrong. Two examples stood out:
- The wrong location. I was sent to Deira for an appointment that was actually in Al Quoz. In Dubai traffic, that cost me a lot of time.
- No name or office for the final step. For the last appointment, I was sent a map pin to a mall full of administrative offices, with no office name and no contact person. I had to work out where to go by myself.
2. A rushed process
Things moved fast, sometimes too fast. The team was so focused on speed that getting the service itself right seemed to come second. At one point, I was offered a way to get a bigger mortgage than I expected. I wasn’t comfortable with it, so I didn’t go ahead, and I’m glad I took the time to look into it.
It’s worth knowing that the Central Bank of the UAE sets firm limits on how much you can borrow, including a cap on how much of the property’s value a bank can lend and a rule that your total monthly debt repayments can’t exceed 50% of your income (overview of UAE mortgage rules). A lender can be stricter than these limits, but not looser, so a much bigger loan than expected deserves a close look.
My advice: I believe the team was genuinely trying to make the deal work. But if any option gets you a larger loan than you expected, ask exactly how it works and confirm it directly with the bank before you agree. Your name is on the mortgage, not the broker’s.
3. The cash I needed twice
Several requirements came up late in the process. The biggest one: I needed close to AED 8,500 in my new bank account, and the bank froze AED 7,000 of it. I assumed the frozen amount would be used to pay the related admin fees. It wasn’t. At the final appointment, I was asked to pay the AED 7,000 again, out of my own pocket.
In other words, expect to need that amount twice: once frozen in your bank account, and once to pay at the appointment. Nobody explained this to me beforehand, so I had to find the money at short notice.
You can protect yourself here. UAE banks must give you a Key Facts Statement, a summary of the loan’s interest, fees and charges required by the Central Bank’s Consumer Protection Regulation (example Key Facts Statement). Ask your broker for it early, and ask the bank directly: how much will you freeze, what is it for, will it be used to pay any fees, and when will it be released?
4. Silence when they didn’t have an answer
When everything was going smoothly, communication was great. But when my application hit an obstacle and they weren’t sure what to do next, the replies slowed down, and I felt left on my own. That’s exactly when you need your broker most.
If I did it again, I would: ask the bank in writing how much it will freeze, what it’s for and whether it covers any fees; get the exact office name and a contact person before every appointment; and check any option that increases my loan directly with the bank.
Common complaints about UAE mortgage brokers
My experience isn’t unique to one broker. The same issues come up regularly among Dubai buyers:
- Unclear fees. On one ExpatWoman forum thread, a buyer questioned a broker charging 1% of the full pre-approval amount rather than the loan actually used, and asking for fees at pre-approval.
- Very different fee models. Many brokers are paid by the bank and charge buyers nothing, while others charge around AED 2,000–5,000 (Engel & Völkers).
- Surprise upfront cash. First-time buyers often underestimate how much they need beyond the down payment. Our guide to how much cash you need to buy property in Dubai breaks it down with worked examples.
Pros and cons
| Pros | Cons |
|---|---|
| Friendly, polite team | Missing or wrong appointment details |
| Fast replies on routine questions | Process felt rushed |
| Clearly motivated to get your mortgage approved | Frozen funds and fees not explained upfront |
| Replies slowed down when problems came up |
The cash you actually need
Cash was my biggest surprise, so get every figure from your broker in writing before you start. Typical costs for an expat buying a first home in Dubai.
| Cost | Typical amount |
|---|---|
| Down payment | At least 20% up to AED 5M, 30% above |
| Dubai Land Department fee | 4% of the purchase price |
| Bank processing fee | Up to 1% of the loan, plus VAT |
| Valuation fee | About AED 2,500–3,500 |
| Mortgage registration | 0.25% of the loan plus AED 290 |
| Broker fee | Free to around AED 5,000, depending on the broker |
| Money the bank freezes | Varies. In my case, the bank froze AED 7,000, and I still paid AED 7,000 in fees separately. Ask what it’s for and when it’s released |
Together, these can add up to around 7–8% of the property price on top of your down payment. The frozen amount isn’t included in that figure, which is exactly what caught me out, so budget for it separately.
7 questions to ask any UAE mortgage broker
- What’s the total cash I need, and when? Ask for every amount in writing, including anything the bank will hold or freeze.
- Can I see the bank’s Key Facts Statement? It lists the interest, fees and charges, so you can check them yourself.
- How are you paid? By the bank, by me, or both? If I pay, is it on the loan I take or the pre-approval amount, and when is it due?
- How exactly does this option work? If something gets you a bigger loan or a better deal than expected, confirm it with the bank directly.
- Are you licensed? Ask for the licence number and check it in the Dubai REST app or on the Dubai Land Department website.
- Where is each appointment, and who do I ask for? Get the exact office name, address, contact person and documents needed the day before.
- Who do I contact if something goes wrong? Get a name, not just a general number.
What to do if something goes wrong
- Keep everything in writing. Save emails and messages about fees, documents and appointments.
- Raise it with your broker first, in writing, and ask for a clear answer and timeline.
- For problems with your bank, complain to the bank first. If it isn’t resolved, you can go to Sanadak, the UAE’s independent financial ombudsman, which handles complaints about banks and other licensed financial institutions free of charge.
- If your broker is registered with RERA, you can raise problems with the Dubai Land Department on its toll-free number, 8004488.
A fast broker is great, but speed should never replace clarity. Whoever you choose, slow down whenever money or your signature is involved.
This review reflects my personal experience with Aknaz Mortgages and is not financial advice. Fees and rules change, so confirm every figure with your bank and broker.
