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24/10/06 -
Mortgages in the Caribbean |
The Caribbean mortgage market lacks the sophistication,
range of products and quality customer service available in the mature mortgage markets of North America and Europe.
Mortgage funds for overseas buyers are thin on the ground.
The spectacular beaches, near perfect climate, delicious cuisine and the delightful friendliness of the local people
has led to the Caribbean Islands popularity soaring, both as a holiday destination and as a location to buy
property.
The decision to purchase property in the Caribbean is essentially one of either investment or lifestyle, in some
cases both. The decision to borrow funds for that purchase is essentially one of need. That means prospective
purchasers have to ensure the commitment is viable and within their budget. Buying property in the region is
expensive, much more expensive than it needs to be, but that won't change overnight.
The purchase certainly can't be done on a shoestring or tight budget, and unless you
have adequate savings to cover all your costs from the outset, you won't pass the risk assessment of the lender.
That means you have to have at least 30% of the purchase price, and sufficient funds to pay the legal fees and all
the associated purchase costs.
There are some basic ground rules to understanding the mortgage process in the Caribbean and it is best to accept
them from the outset or you will be quickly stressed.
That beautiful laidback easy-going lifestyle is not an apparition reserved solely
for the tourist, it is a way of life and it is as much a part of everyday business as it is in the restaurant, rum
shop or supermarket.
Nothing moves quickly in the Caribbean, and certainly not banking, conveyancing and
house purchase. Of course, it will get better, but for today's prospective purchaser looking for a quick turnaround,
you will be very disappointed and it may be more a question of when you will get the mortgage, rather than whether
you will get it!
IWR can help with your Caribbean mortgage requirements - please
Email us for details. |
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