St LuciaAt a glance:
| | Mortgage | Refinance | Equity Release | Buy to Let | | Maximum Loan to value | 70% | 70% | 70% | N/A | | Maximum Interest only period | 3 | 3 | 0 | N/A | | Maximum Term | 30 years | 30 years | 30 years | N/A | | Maximum Age on completion | 70 | 70 | 70 | N/A | | Average interest rates | 6.5% | 6.5% | 6.5% | N/A | | Average monthly price per thousand | 6.37 | 6.37 | 6.37 | N/A |
Process:
Mortgages in St. Lucia, for non residents, can take up to 3 months to arrange. The banks ideally prefer to lend for holiday homes as opposed to investment properties. They also tend to have high minimum loan amounts.
Approximate timelines (weekends not included): | 1. | Approval in principle | Instant | | 2. | Final licences | Day 1 | | 3. | Property registration details | Day 1 | | 4. | Application (receipt of documents) | Day 1 | | 5. | Power of attorney | Day 1 | | 6. | Confirmation of approval in principle | Day 6 | | 7. | Valuation | Day 16 | | 8. | Formal offer | Day 23 | | 9. | Arrange signing | Day 28 | | 10. | Signing | Day 35 | | 11. | Transfer of deeds | Day 35 | | 12. | Payment to developer | Day 35 | | 13. | Agency of service | Day 35 | | 14. | First mortgage payment | Day 36 | | 15. | Commission received | Day 60 |
Costs: For guidance purposes, as costs vary from lender to lender: Cost | Amount | Payable | | Application / bank fees | 500 | Up front | | Valuation fee | 500 | Up front (refundable) | | Opening commissions | 1% of loan amount | On signing | | Registry / Notary fees | 0.75% of purchase price | On signing | | Agency of Service | 120 | Annually on signing date |
Currencies:
US Dollars and Sterling.
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+353 901 4604
