What is a mortgage buyout, and does the new bank pay off my old loan?

A buyout transfers your mortgage from one UAE bank to another offering better terms. The incoming bank settles your outgoing loan directly, registers a new mortgage with the DLD, and you receive an updated title deed showing the new lender. It typically takes 3 to 5 weeks for salaried residents, and 6 to 10 weeks for self-employed or non-residents.