Looking for financing to fund the purchase of real estate in the Caribbean? Our partner provides mortgages for non-residents looking to invest in property in certain Caribbean jurisdictions.
Are you looking for long term financing to purchase the home of your dreams in the Caribbean? While you may have heard that non-residents are unable to obtain a mortgage to purchase property in the Caribbean, there are lending institutions that specialize in international mortgages for buying overseas property and offer financing to non-resident buyers. Our partner – a highly respected major international banking group with many years experience in the Caribbean mortgage market – is a loan provider offering mortgages for non-nationals investing in real estate in the Caribbean.
If you’re wondering “do I qualify for a mortgage from this international lending institution?” or “how much can I borrow?”, take a look at the answers to the FAQs (Frequently Asked Questions) on Caribbean mortgages below.
Are mortgages available for foreign buyers investing in Caribbean real estate?
Yes, it is possible for foreign nationals looking to purchase real estate in the Caribbean to apply for a mortgage.
In which islands, countries and jurisdictions are Caribbean mortgages available?
Our partner currently offers mortgages for non-residents purchasing property in the following locations:
Trinidad & Tobago
Turks & Caicos
In some cases it may also be possible to apply for a mortgage to purchase property in the Eastern Caribbean, including:
St Kitts & Nevis
St Vincent & the Grenadines
Who can borrow?
Non-residents of certain countries can apply for financing to purchase a second home in the Caribbean.
As with any mortgage agreement, applications are subject to status and applicants are required to meet certain minimum underwriting criteria relating to income, net worth and credit score.
What kind of mortgages are available
Applicants can apply for a mortgage to purchase a second home or vacation home in certain Caribbean jurisdictions.
In certain cases it may also be possible to apply for financing to build or improve a second home or vacation home in the Caribbean.
Mortgages are available to finance the purchase of existing homes or lots or to finance the construction or renovation of property.
How much can applicants borrow for a mortgage?
The amount you can borrow depends on circumstances. Lenders will typically assess how much you can afford to borrow, based on your income and ability to cover the loan repayments. Typically applicants can borrow up to USD $2 million.
How much of a down payment / deposit is required
The level of down payment / deposit that is required varies, but typically borrowers are required to make a minimum 30% to 40% down payment.
Mortgages can be amortized for up to 15 years.
How much are mortgage fees and charges?
Mortgage rates and fees vary by country from 5% to 8% of the principal amount.
In addition, borrowers should be aware of other costs, including property closing costs such as legal fees, valuation fees, and the lender’s commitment / administration fees.
Read More on Caribbean Mortgages
For more information, please see the following article on Caribbean mortgages from our magazine The Caribbean Property Investor – Caribbean Mortgages: Pathways to Paradise.