Posted by: realestatecaribbean | March 11, 2008

NEED A MORTGAGE ?

cochrane1.jpgToday SAFE HAVEN REAL ESTATE is pleased to announce that it is collaborating with  a mortgage provider to offer, for the first time,  mortgages to overseas clients who wish to purchase property through Safe Haven.

These mortgages will be available for the purchase of residential homes as well as to Developers  looking to obtain additional sources of funding .

 WHAT IS A MORTGAGE ?

A mortgage is  a method of using property real or personal  as security for the performance of an obligation, usually a debt.

 Many overseas clients find it very difficult to secure a mortgage in Dominica  as traditional mortgage lenders will want the borrower to be resident for some time in the  chosen country.  The  home country will  be wary about lending money on property they cannot visit in a country whose market they are not familiar with.

 FOR THE FIRST TIME IN DOMINICA  this stalemate has breen broken. We have teamed with a mortgage provider who will offer mortgages to persons  residing overseas wishing to purchase property in Dominica whever they reside.

INTEREST RATE 

The interest rate will be between 8.5%- 9%

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MORTGAGE CRITERIA

  1. Valuation of Property    - Loan - Value ratio:90%
  2.  Income   - Gross debt servicing ratio: up to 40%
  3.  Other features  Fire Peril Insurance on Property and  Life Insurance on Borrower
  4. Credit Rating 570 and above 

Visit www.safehavenrealestate.com for all of your realestate needs

 

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Responses

I noted with great interest, a new feature on your website regarding mortgages for overseas buyers. My wife and I were planning on using tax deferred funds to purchase a building plot but that would then create quite a sizeable tax obligation to consider on our finances. However, if we could secure a mortgage for a land purchase (which we would probably pay off after moving to Dominica in a few years) that would enable us to begin a serious search for some land once more. Is this a possibility now?

Patrick S. (Pennsylvania)

By: youtopian on April 22, 2008
at 11:13 pm

That is an excellent question.

At the present time the mortgage is only for the purchase of a building whether it be house or
commercial property and not for individual pieces of land. The currency used is US$ although it may be possible to obtain a mortgage in the local currency.

If you are a larger developer then financing is available for projects.

By: realestatecaribbean on April 29, 2008
at 7:06 pm

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