Mortgage Assessment in The Caribbean
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Basic criteria for mortgage assessment in the Caribbean
The basic criteria for mortgage assessment in the Caribbean is much the same as anywhere else in the world. Every lender assesses the risk by investigating the strength of both the applicants and the security being offered.
1. Applicant
Lenders require true and accurate information on the applicants, including their assets and liabilities, their income and expenditure. In some instances where overseas applicants are involved, character references and photo ID will be requested plus evidence of credit history.
2. Property
Lenders will require a satisfactory Valuation Report from an approved valuer/surveyor, the cost to be borne by the applicant. They will also require clear title and their lawyers will then register a first charge to secure the loan.
When the lender is satisfied with both aspects of the assessment, a letter will be issued to the applicant listing the terms and conditions of the loan. The applicant will then sign their acceptance of these terms and the lender’s lawyers will then communicate with the applicant’s lawyers to complete the process.
The capital and interest repayment method remains the most used product, although interest-only and fixed rate products are coming, the process is very slow and at the moment the options are limited.
All loans are agreed in US$. The current most widely used mortgage product for overseas purchasers is one that takes advantage of the low US$ LIBOR rate.
The general terms and conditions of the US$ product are maximum repayment term 15 years, maximum loan-to-value 70% (50% for new builds) and borrowers must repay in US$. All other normal lending requirements apply.
Caribbean Mortgage Assessments
Mortgage Term: |
Maximum 15 years |
Interest Rate: |
Approximately 6% |
Interest Basis: |
US Prime or US Libor |
Payment Method: |
Capital & Interest |
Currency: |
US Dollars |
Maximum Loan: |
70% (Resale) 50% (New Build) |
Lenders Arrangement Fee: |
1% of loan amount |
Valuation Fee: |
Based on Property Price |
Legal Fees: |
Approx 2% of Property Price |
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