Mortgages in The Caribbean

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Buying Property in The Caribbean

The Caribbean - sun and sand

The Caribbean mortgage market lacks the sophistication, range of products and quality customer service available in the mature mortgage markets of North America and Europe. Mortgage funds for overseas buyers are thin on the ground, which is where we come in.

The Caribbean has long been associated with natural beauty and idyllic tropical climate. Also known as the West Indies, the islands are situated in the heart of the Caribbean Sea, curving south from Florida to the Northwest of Venezuela. The Caribbean offers thousands of islets, cays and reefs to the exploratory visitor, attracting millions of tourists and property investors from all over the world.

The spectacular beaches, near perfect climate, delicious cuisine and the delightful friendliness of the local people has led to the Caribbean Islands popularity soaring, both as a holiday destination and as a location to buy property.

The decision to purchase property in the Caribbean is essentially one of either investment or lifestyle, in some cases both. The decision to borrow funds for that purchase is essentially one of need. That means prospective purchasers have to ensure the commitment is viable and within their budget.

Buying property in the region is expensive, much more expensive than it needs to be, but that won't change overnight. The purchase certainly can't be done on a shoestring or tight budget, and unless you have adequate savings to cover all your costs from the outset, you won't pass the risk assessment of the lender. That means you have to have at least 30% of the purchase price, and sufficient funds to pay the legal fees and all the associated purchase costs.

There are some basic ground rules to understanding the mortgage process in the Caribbean and it is best to accept them from the outset or you will be quickly stressed.

That beautiful laidback easy-going lifestyle is not an apparition reserved solely for the tourist, it is a way of life and it is as much a part of everyday business as it is in the restaurant, rum shop or supermarket. Nothing moves quickly in the Caribbean, and certainly not banking, conveyancing and house purchase. Of course, it will get better, but for today's prospective purchaser looking for a quick turnaround, you will be very disappointed and it may be more a question of when you will get the mortgage, rather than whether you will get it!

The Caribbean islands are organised into twenty-five clearly divided territories. These include sovereign states, overseas departments and dependencies. This comprises of:

• Anguilla
• Antigua and Barbuda
• Barbados
• Bermuda
• British Virgin Islands
• Canouan Island
• Cayman Islands
• Dominican Republic
• Grenada
• Jamaica
• Martinique
• St Barthelemy
• St Kitts and Nevis
• St Lucia
• St Maarten
• St Vincent and the Grenadines
• The Bahamas
• Trinidad and Tobago
• Turks and Caicos Islands
• Virgin Islands (U.S.A.)

Getting a mortgage loan to purchase a property in the Caribbean is possible, but mortgage funds for foreign buyers are not overwhelmingly available. A number of factors lead international visitors to want to stay in the Caribbean , including the climate, cuisine, friendly locals and beautiful beaches. Property in the Caribbean has soared in value.

Experts on property in the region advise that nothing moves quickly in the Caribbean, not even mortgage loans and house purchase. Those investors hoping for a quick turnaround may therefore be disappointed.