If you are thinking of using a mortgage to finance an apartment, town house of Villa in the Carribean, local Mortgages are available with interest rates from 3.00%
This includes Anguilla, Antigua, Aruba, Bahamas, Barbados, Belize, Bonaire, British Virgin Islands, Cayman Islands, Jamaica, St Kitts & Nevis, St Lucia, St Maarten, St Vincent, Tobago and Turks & Caicos
Caribbean Mortgages available for the majority of Nationalities for either House Purchase or re-financing for Home Improvement purposes only, mortgages for other puposes are considered on an individual basis
Mortgages for the purchase of property in the Caribbean are on Repayment basis, or 5 year term fore Interest only Mortgages. Minimum advance is $250,000 with no Maximum, but advances can not exceed 70% of valuation or purchase price (whichever is the lower)
Proof of Income is required in all cases (this can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status loans or self certification mortgags are currently not available
Term can be from 5 to 20 years up to a maximum age 70
Currency: US Dollars, Canadian Dollars, Euros, Sterling & Swiss Francs
Current Interest Rates: from approx 3.00% over 3 month LIBOR - rates vary from Island to Island and on your financial status. Fixed Rate loans are also available over 2, 3, 5, 10, 15 and 20 years - details on request.
Typica Caribbean Mortgage in US Dollars for the purchase of an apartment, town house or Villa in the Carribean is a Repayment mortgage of approx $250,000 over a period of 20 years at an interest rate of approx. 8.35% = approx $2,177.50 capital and interest per month = a total approximate amount payable over term of $526,540 including capital, interest, arrangement and survey fees.
If you would like to know more about obtaining a mortgage to purchase a property in the Carribean and would like to talk to an independant advisor please Enquire
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