Document background
The Change Of Circumstance Form Mortgage is a crucial document required by UAE financial institutions to maintain updated records and assess ongoing mortgage viability. This form becomes necessary when borrowers experience significant changes in their personal or financial situation after the original mortgage agreement is in place. It helps banks comply with UAE Central Bank regulations regarding mortgage monitoring and risk assessment, while also protecting borrowers by formally documenting their changed circumstances. The form typically captures changes in employment, income, marital status, or other material circumstances that could affect the mortgage relationship. It's particularly important in the UAE market where both conventional and Islamic mortgages are offered, and where the borrower base includes both UAE nationals and expatriates, each subject to different lending criteria and regulations.
