Jamaica
What’s Covered:
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
-
Minimum loan
amount of USD 250,000 (loans available in all currencies)
Loan to Value:
-
Based on the
valuation of the property
-
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
approximately 7.99%
-
Fixed rate
available for 2, 3, 5, and 10 years – 2 years is approximately 8.9% USD
-
Other currency
mortgages are also available such as Sterling and CAD with different
interest rates
Maximum Term:
Currencies
Available:
Prepayment
Penalties:
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.
General Fees to
Consider:
-
Closing costs
-
Bank
Arrangement Fee is 1%
-
Fidentia Fee
-
The GCT - is a
Government applicable tax which is paid via the bank when doing transaction
with the bank that requires it. The correct GCT amount is 1% of the
commitment fee.
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