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Buying in the Caribbean, what do I need to know?
Bank that operate in the Caribbean tend to focus only on their preferred islands. The island which you would like to buy on, will determine which range of banks we will deal with.
Somerset Mortgages has arranged mortgages in the Caribbean for many years by working closely with a wide range of banks from the Caribbean, US, Canada, UK and Europe.
We operate on all the English speaking islands and will consider cases on the French islands.
What type of property can I get a mortgage on?
We can arrange mortgages for individuals or companies to buy main homes; second homes; rental or investment properties; off-plan properties and commercial properties.
Equity release mortgages are available.
What currency will my mortgage be in?
All Caribbean banks will provide mortgages in US Dollars, but we can also arrange mortgages in other currencies such as Euros, Sterling and Swiss Francs.
What is the maximum loan amount (LTV%)?
Depending on the valuation or the purchase price of the property, non-residents can borrow up to 70% for purchases and equity release. All mortgages are subject to income, but some banks will also take rental income into consideration.
What is the minimum loan amount?
The minimum loan amount that Somerset Mortgages will consider is €75,000.
How long is the term of the mortgage?
The mortgage term can be up to 20 years.
How much will the bank charge me?
Generally the banks will charge you a 1% arrangement fee, however we will negotiate on your behalf to reduce this.
Do I need life assurance?
Yes, life assurance is mandatory. We can help you arrange this at minimal cost.
Which mortgage types are available?
Both capital repayment and interest only mortgages are available for both purchase and equity release.
Interest rates
The interest rate will depend on the currency of the mortgage. For example, if a Euro mortgage was selected then the EURIBOR (European Interest Offered Rate) would apply, plus the bank's margin.
Fees and Taxes
These vary from island to island.
Click here for a Quick Quote
When buying property overseas, we recommend that you seek professional tax and legal advice.
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