FINANCING A HOME IN THE BAHAMAS

The International Residential Mortgages in the Bahamas requirements are as follows:

• Details of income supported by employer and tax returns. For self-employed we will require previous 3 years trading accounts and/or accountants corroboration. 3 years tax returns.
• Fully completed International Mortgage Application form which covers off all requirements of the application.
• Details of Income/Expenditure/Assets/Liabilities.
• If using a PWV then we will require a Personal Guarantee from the beneficial owner(s)
• Bank and Credit reference + sight of 6 months bank statements.

The Interest Rates are as follows:

Variable Rates:

All rates are indicative rates 8.25%

Fixed Rates-Short Term:

• 2yr. Fixed rate 8.0%-2 years following draw down
• 3yr. Fixed rate 8.0%- 3 years following draw down
• 5yr. Fixed rate 8.25%- 5 years following draw down

Fixed Rate- Long Term:

• 10yr. Fix rate 8.5%- 10 years following draw down
• 15yr. Fix rate 8.6%- 15 years following draw down
• 20yr. Fix rate 8.7%- 20years following draw down

N.B.Early repayment charge is 6 months interest at fixed rate % will be charged if redeemed before expiry date.

The minimum loaned is USD 250,000.00

LTV 70% up to US$2.5million
LTV 60% above US$2.5M

Term: 20 years, with option to pay interest only for up to 5 years then amortized over remaining 15 years.

Generic Criteria Applicable to the Scheme:

• Bank Accounts -   a bank account will be required
• All Risks insurance -   comprehensive cover required incl. Hurricane cover
• Fixed Rates - only available for amounts of USD 250k and above.
• Taxation including local taxes
• Clients will have to pay any local taxes arising in the different islands. These can add between 10 -15% on top of the purchase price. Also taxes arising in their country of domicile.

The Bahamas

Standards