Curacao

What’s Covered:

• Residential property and commercial property

Loans Available:

• For purchase (including land), re-mortgage, self-build or equity release
• Variable, fixed, and interest only mortgages available
• Interest only options also available for the first five years
• Commercial loans are also available

Loan to Value:

• Based on the valuation of the property
• 60-70% LTV for properties up to 1.5 million
• 50% LTV for land or self build projects

Interest Rates:

• Depends on currency selected
• USD rate is 90 day Libor +3%
• Fixed rate available for 2, 3, 5, 10, 15 and 20 years

Maximum Term:

• 20 years
• Land lot term is 10 years

Currencies Available:

• USD, Sterling, CAD and Euro mortgages available

Prepayment Penalties:

• Only on fixed rate products

Documentation required (minimum):

• Fully completed application form
• Letter of introduction from employer to confirm remuneration, office held and length of employment
• Tax returns for the last three years (full sets)
• Last six (6) months original bank statements, to include evidence of savings
• Original report from your accountant on your assets and liabilities
• Professional valuation of property being purchased (from a valuer approved by the Bank)
• Copy of the signed purchase agreement
• Credit bureau report.
• Evidence of the source of funds that will represent your contribution to the proposal
• Last three (3) years audited financial statements, if applicant is a company or owns a company that is the source of individual’s remuneration.

Security Requirements:

• 1st Legal mortgage over the property
• All perils, including Hurricane cover, homeowner’s insurance for the mortgage value assigned to the bank

General Fees to Consider:

• Closing costs
• Bank Arrangement Fee is 1%
• Fidentia Fee