Looking for financing to fund the purchase of real estate in the Caribbean? Our partners provide Caribbean mortgages for non-residents looking to invest in property in certain jurisdictions in the region.
Unlock the Door to Your Dream Home with a Caribbean Mortgage
Are you dreaming of owning a piece of paradise in the Caribbean? You might have thought obtaining a mortgage as a non-resident would be impossible, but worry no more! We work with several international and regional lending institutions that specialize in providing Caribbean mortgages for non-nationals investing in real estate in the region.
If you’re wondering whether you qualify for a mortgage from an international lending institution or how much you can borrow, the answers to the most frequently asked questions about Caribbean mortgages are right here.
Caribbean mortgages
Are mortgages available for foreign buyers investing in Caribbean real estate?
Yes, foreign nationals looking to purchase real estate in the Caribbean can apply for a mortgage. We work with several loan providers that cater to the needs of non-resident buyers, making the process of buying property in the Caribbean a breeze.
In which islands, countries and jurisdictions are Caribbean mortgages available?
Mortgages for non-residents purchasing property are available in a variety of islands throughout the Caribbean. Some of these locations include Anguilla, Antigua & Barbuda, Aruba, The Bahamas, Barbados, Bonaire, Cayman Islands, Curacao, Dominica, the Dominican Republic, Grenada, Jamaica, Saba, St Kitts & Nevis, St Lucia, St Maarten, St Vincent & the Grenadines and the Turks & Caicos Islands, to name just a few.
Who Can Borrow? Eligibility Criteria for Caribbean Mortgages
Non-residents of certain countries can apply for financing to purchase a second home in the Caribbean. However, as with any mortgage agreement, applications are subject to status and applicants must meet certain minimum underwriting criteria related to income, net worth, and credit score.
It is important to note that every island in the Caribbean has a unique set of qualifying criteria for mortgages. The eligibility requirements, along with the mortgage products available, may differ from island to island, making it essential to consider each destination’s specifications.
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?
The amount you can borrow depends on your individual 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 US $2 million.
Down Payment and Deposit Requirements
The level of down payment or deposit required varies, but borrowers are typically expected to make a minimum 30% to 40% down payment. Mortgages can generally be amortized for up to 15 years.
How much are mortgage fees and charges?
Mortgage rates and fees differ by country and range from 5% to 8% of the principal amount. In addition to these fees, borrowers should be aware of other costs associated with property closing, such as legal fees, valuation fees, and the lender’s commitment or administration fees.