Arranging your non-resident mortgage in Jamaica

The "Land of Springs," or the "Land of Wood and Water." Formerly a Spanish possession known as Santiago, then the British West Indies Crown colony of Jamaica. Jamaica is the largest English speaking island in the Caribbean.

Whether the property is intended to be used as a home or for investment, the security of your return must be a mindful deliberation from the outset.

Whilst macro-inflation has the effect to devalue liquid savings, it has no such affect on the price of realty. Whilst shares may be vulnerable to stock market crashes, realty is immune to the conditions of share trading. The truth of the matter is that the long term trend of property prices is always on the up.

The main influence which affects the price of Jamaican realty is the fact that there is a static supply of land for an ever increasing population, who are enjoying ever improving means to access property ownership.

In respect of mortgages in Jamaica, the general criteria is that you can borrow up to a maximum of 70 to 95% loan to value subject to status and the lenders valuation.  This will mean that you will need to finance the remainder.  Mortgages are not available to cover stage payments for an off-plan property.  However, mortgages are available on completion.  You should consider applying upto 4 months prior to completion. 
Mortgages are Full Status only, and approval is based on your "take home" pay and is calculated on an affordability basis.  All existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance (ie: divorce) payments will be taken into consideration.  The lender will NOT take into consideration any proposed Rental Income from the property. 

Due to the application specific variables, rates are on application, however for your personal calculations, and on an indication only basis, if you use a rate of 14% (Variable).  This is for a mortgage in Jamaican Dollars on a repayment (capital + interest) basis for a maximum of 25 years or up to a maximum age of 65 years.