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The basic processing of a mortgage application in the Caribbean is similar to many other countries. An attorney is required and it is advised that all monies are paid through the attorney including deposits and mortgage funds received.
The US$ mortgage product is currently the most attractive foreign currency loan available to overseas borrowers. In addition to normal mortgage lending terms and conditions, the US$ product is generally limited to 75% loan-to-value (60% if stage payments are involved), a max term of 15 years and payments must be made in US$.
The interest rate is aligned to the US$ LIBOR rate on the London money market, or US$ prime rate depending on the lender and the amount of the loan, and is subject to quarterly review.
Virtually all loans are on a capital and interest repayment basis although interest-only may be available in special circumstances. There are no prepayment or early redemption penalties with the normal mortgage product.
Continue to - Mortgage application checklist
| Your home may be repossessed if you do not keep up repayments on your mortgage
Changes in the exchange rate may increase the sterling equivalent of your debt.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £400 |
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