Overseas residents buying property in Barbados can apply for mortgages from lending institutions on the island, subject to status. Provided below are some tips that should be borne in mind when applying for a local mortgage to facilitate your purchase of property in Barbados.
- It is advisable to use the services of a reputable mortgage broker who will be familiar with the terms and conditions of local lenders.
- Work out your finances before you speak with a mortgage broker (e.g. monthly income and expenses).
- Do not over commit yourself financially.
- Look for the best mortgage package which may not necessarily be the one with the lowest interest rates.
- Budget for associated fees in your figures.
- One cannot compare oranges with apples, so don’t harp on about what you can get at home.
- Know your credit history beforehand.
- If you have CCJs get another job or two as you won’t be getting a mortgage from a Caribbean lending institution.
- The mortgage process in the Caribbean can be lengthy so you will need to be patient.
- Providing untrue or inaccurate information is a huge negative when applying for a mortgage from Caribbean lenders.
Article by Maureen Smith, Caribbean Property Consultant, Tropical Connections