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Do I qualify for a Caribbean mortgage?
To qualify for a
mortgage in the Caribbean, you must be employed*. A calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the
application form, and Mortgage Helpline International won't charge you for this service.
How much can I borrow?
Calculation based on the valuation or purchase price, whichever is the
lower
Up to 70% of LTV available for house purchase, remortgage or home improvements
Based on joint net "take home" pay, where joint income is applicable
Existing liabilities, e.g. mortgage or
rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Caribbean mortgage payments. All this must not exceed 40% of your monthly net income
What evidence of income do I need?
Your last three month's payslips
Your latest P60 and/or Employers Reference
Your last 6 month's personal bank statements
Also required:
Credit
Report
Bank reference, from a bank where you have been a customer for two years.
Example mortgage payments
If, for example, your net joint monthly income is £2,500, 40% of this equates to
£1000. If your only liability is your mortgage payment, of say £300, this would leave a balance of £700 for your Caribbean mortgage repayment.
What types of Caribbean mortgages are
available?
For our latest rates and to see the different types of Caribbean mortgages on offer, please contact us.
Loans are available up to 70% of the property's value or purchase price,
whichever is lower.
The maximum term of any mortgage is 20 years, this varies on the type of loan. Loans up to age 65/70 available, depending on the island and if employed/self
employed.
Repayment and Interest Only mortgages are available .
The minimum loan you can take out is US $500,000
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