Loans in the Caribbean are available from $250,000 and the minimum value of the property (or purchase price) should be $420,000. However, each country / island has different criteria.
Banks will lend over a maximum of 20 years and interest rates start from 3% p.a. although this varies depending on the LTV, country and currency of loan.
The maximum amount they would lend is 60% of the value or purchase price.
Lenders calculate affordability for the loan by stating that the maximum percentage of all loan repayments (including the new mortgage, current mortgage and other loans) should be 40% of your net income.
Please feel free to use our mortgage calculator to see what your monthly payments may be.
Important Note: This information is designed to only give you an indication of what you may borrow and under what terms. It does not constitute any form of advice, nor does it imply that you will be able to borrow the amounts required. In all cases you should carry out a full Fact Find and obtain an agreement in principle from the lender. Please choose to either request a quote for a mortgage in the Caribbean or complete the more comprehensive pre-qualification form to see if you already qualify for a Caribbean mortgage.