We can assist you in arranging your non-resident mortgage in Trinidad and Tobago.

Trinidad and Tobago, a unique Caribbean paradise.There is no place in the world quite like this tiny twin island republic. Bursting with spirit and a heady mix of cultural activities, beautiful people, eco adventure and culinary delights, Trinidad and Tobago has something for everyone. Located just off the tip of Venezuela

The official language of Trinidad and Tobago is English, although segments of the population, speak other languages, including "patois", a slang version of French that provides a window to the island's former French colonial days and a growing Spanish-speaking contingent.

The Buying Process:

* Deposit : On signing the Sales Agreement, the buyer pays a 10% deposit that is normally held in a escrow account until completion of title searches. At this point the contract is binding on both parties.

* Title Search : Once a Sales Agreement is signed and the deposit paid, the buyer must instruct a local lawyer to search the chain of title to the property.

* Final Payment : Once the title of the property has been established by the lawyer to be legally held by the seller, the buyer is free to complete the purchase by paying the balance of the purchase price. Typically, this payment is made 90 days after the signing the Sales Agreement, but can be made as soon as the searches are complete.

* Closing Costs : On completion of the purchase, the buyer must pay certain fees and duties called "closing charges". These include legal fees, stamp duty and fire insurance in the case of a house purchase.

* Stamp Duty :Stamp duty is payable on a sliding scale from 2% to 10% of the property value, and legal fees are typically 1.5% to 2% of property value.

* Title Registration : Property purchases are officially registered at the Red House by your lawyer, and all purchases by foreign nationals are further registered with the Ministry of Finance, using bank documentation as proof of purchase in a foreign currency. Purchases in Tobago are also registered locally at the Warden's Office where future land and building taxes are paid.

* Land Tax : Tobago land tax is currently TT$10 per acre per annum.


Mortgages:

The general lending criteria for Trinidad & Tobago is a maximum Loan to Value of 80% subject to status and Lenders valuation.  Mortgages are therefore only available on completion of a property purchase when title deeds have been transferred.  You should consider applying up to 4 months prior to completion 
The mortgage is for a maximum term of 25 years up to age 65 years.  The mortgage is in Trinidad & Tobago Dollar on a Repayment Basis.  Rates are on application as they are subject to status, but as an indication the rate will be in the region of 8.25-10%.

The bank will make a decision based on affordability.  It is a requirement in all cases that borrowers are able to provide proof of income. The definition of income may vary from one lender to the next, but generally comprises earned income, pension, rental income and investment income. Each lender may have a different approach in making allowance for a particular type of income, when they establish the maximum loan available for a borrower.

What will I be expected to provide to get the mortgage?

• Lenders are looking for 3-6 months pay slips (employed)
• Most lenders will require P60's (annual tax statement)
  or 2-3 years audited accounts (self employed) and copies of tax returns
  3-6 months bank statements
• Be a home owner or if renting proof of rental contract
• Full anti-money laundering compliance, Current passport certified by a lawyer, current driving licence, 2 utility bills dated within the last 3 months excluding mobile phone bills.
• You will need to demonstrate your previous credit history and compliance to Anti-Money Laundering rules with the above documentation