Turks & Caicos Islands

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

• 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 2.5 million

• 60% LTV for self build construction loans

• 50% LTV for land lots

• 70% LTV available for Equity Release

Interest Rates:

• Depends on currency selected

• USD rate is approximately 8.37% variable

• Fixed rate available for 2, 3, 5, and 10 years - 2 year rate is 8.25%

Maximum Term:

• 20 years

• Land lot term is 10 years

Currencies Available:

• USD, Sterling, Canadian Dollars 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.

General Fees to Consider:

• Closing costs

• Bank Arrangement Fee is 1%

• Fidentia Fee