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Homes > The
Caribbean
Buying
Property 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, which is
where we come in.
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!
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