Good News for Trinbagonians living abroad.
Our Company does not do any financing, but we will be able to assist you in obtaining a Mortgage by one of the financial institutions throughout Trinidad & Tobago which are set up for this purpose.
In general, it is possible for Trinbagonians who do not live in Trinidad or Tobago, to obtain local mortgage financing.
Typical norms are between 75% and 90% of the value/purchase price can be financed.
If you are not residing in Trinidad or Tobago interest rates will be around 12% owner occupied (meaning: no other use) and around 14% plus for rental or income generating purposes.
Mortgage interest rates also depend on the type of arrangement between yourself and the Mortgage Company and how many years the Mortgage is for. Therefore it is very important to get good and professional advise from a reputable Mortgage Company.
Please note: To qualify for a local Mortgage in Trinidad and Tobago you must:
- Be a Trinidad & Tobago National, or have Dual Citizenship or Residency Status.
- Have a permanent job and/or enough collateral to cover for the amount you require.
- Be between the ages of 18 and 60 years. If you are self employed up to 65 years of age, but certain conditions will apply.
- Have at least 3 years permanent work experience.
- Have savings of a minimum of 10% of the cost/value of the property, plus fees etc. (an average of this cost is 5% of the value, but this varies).
- Or if purchasing land alone, have savings of at least 25% of the cost/value whichever is lower, plus the average 5% for fees.
At the pre-mortgage stage most banks or financial institutions require documents to support your application for a mortgage so they can be satisfied that you have the ability to service the loan. Below is a basic list of requirements for the bank’s consideration for a mortgage, construction,
renovation or bridging loan.
- Two (2) types of Identification e.g. Valid National Identification Card, Passport, Driver’s Permit)
- Deed for Property to be Purchased or Mortgaged
- Up to date Land & Building Taxes receipts
- WASA Clearance Certificate (issued within the last 3 months)
- Up to date WASA bill
- Current Valuation of the property to be Purchased / Mortgaged
- Current Job Letter and Pay Slips
For Construction or Renovation, in addition to the above, the following:
- Approved Building Plans
- Copy of Builder’s / Contractor’s Estimates
- Two (2) references for the Builder / Contractor
- Quantity Surveyor’s Report from an approved Quantity Surveyor
(Most banks or financial institutions will rely on their own list of approved Valuators or Quantity Surveyors)
Trinbagonians or Residents who are planning to return permanently to Trinidad but have lost their T&T Citizenship or Residency Status, you can re-apply, however be prepared that this is a lengthy process and will take at least 6 months to 1 year, so if you are planning to return immediately after you purchased a property, or in case you have to get a Mortgage, make sure you have your Citizenship or Residency status in order before making a deposit on a property.----------------------------------------------
Please, also read our "Buying & General info" page for details.
Click for more info on Mortgage rates
Should you have any other questions, you can fill out the blue Info Request Form at the end of this page.
|If you've read all the information on this page plus the info on the|
"What you need to know about Mortgage rates" page and you think you qualify, you can click on the button below for the Initial Mortgage Application Form (opens in a new window).
If you wish to get an idea of what a Mortgage will cost you, the monthly installments, or even find out if you can qualify, you can use our On Line Mortgage Calculator below, and for the more elaborate Calculators, by clicking on the links below.
Manager/Broker of Siparia Real Estate Agency.
Replace the values in the "Input" windows below with your personal values, then click "calculate now" and the results can be seen in the "Results" windows.
These Calculators are offered to you by
and were created to give you a general idea of what your Mortgage will cost you. These Results could be different from your own Mortgagee or the ones advertising on our Website.
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|Questions about Properties, thinking about selling or making an offer?
Do not hesitate, contact us.
R. Drappier - AssocRICS
c/o Siparia Real Estate Agency
#8 Country Trace Junction,
Fanny Village, Point Fortin,
Phone/Fax: (1 868) 648 4929
Cell: (1 868) 750 7127
This form is for Info on Mortgages only.|
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