FINANCING A HOME IN ST. LUCIA

The International Residential Mortgages in St. Lucia requirements are as follows:

Finance up to 60% of the agreed purchase price (which must be reflected in a valuation prepared by one of the bank's approved Quantity Surveyors) to International clients wishing to purchase a holiday/vacation or investment property in St. Lucia.

The minimum drawn International Mortgage must be for at least US$250,000.00 and the terms are up to 20 years or the 65th birthday of the youngest applicant, which ever comes first. The indicative interest rate would be between 3% and 3.5% above the three (3) months US$ LIBOR, which is currently 5.22% for an effective interest rate of between 8.22% and 8.728% for the time being. The interest rate would change every three (3) months to reflect any change within the three (3) month LIBOR. We also offer the option to pay "interest only" for a maximum period of 10 years and then the International Mortgage would be amortized over the remaining 15 years if the mortgage was approved for 20 years.

The International Mortgage would be granted/approved with the terms and conditions that will allow you to partially or fully repay the mortgage at any time without a penalty charge.

• It should also be noted that our International Mortgages are not for commercial business ventures, these types of application would be reviewed by our Corporate colleagues.

To commence the processing of an International Mortgage, we shall require the following:

• 1. The completion of both the International Mortgage and International Personal application by all applicants to the International Mortgage.
• 2. The due Diligent and Compliance documentation as detailed in the "word" document for all applicants to the International Mortgage.
• 3. The last three (3) years Personal Tax Returns for each applicant to the International Mortgage.
• 4. A current Credit Bureau Report for each applicant to the International Mortgage.
• 5. The last six months bank statements of the primary account for each applicant to the International Mortgage.
• 6. The sale agreement for the proposed property being purchased.
• 7. A valuation of the property prepared by one of the Bank's approved Quantity Surveyors.

Please note that our offering for the St. Lucia market is 60% financing, except for a few selected developments, and our minimum financing is USD$250,000.00

• With regards to fees, kindly be advised that the only Bank Fee is their Arrangement fee of 1% of the amount of financing, that is if financing of USD500,000.00 is being provided,  then their fee will be USD$5,000.00

The other fees related to the property purchase are as follows:

• A Valuation has to be conducted on the property being purchased - this can range from approximately USD$372.00 to USD1000.00 depending on the location and type of property.
• Alien Land Holding License, which is an approval from the Government of St. Lucia to purchase land in St. Lucia. This is specific to the property being purchased. Cost - Application Fee XCD$1500.00 / USD$558.00. There is also a fee of XDC$5000.00 / USD$1860.00 for the granting of the License to purchase or hold land up to acre.
• Legal Fees, to include Conveyance Documents, Mortgage document. Fees are set by the St. Lucia Bar Association Tariff and are as follows:
• Conveyance documents - includes a basic fee of USD$37.20 plus the toll;
• 2.5% of the first XCD$50,000 / USD$18600
• 1.5% of the next XCD$100,000.00 / USD$37200
• 1% of balance or the next XCD$850,000.00 / USD$314,815
• .5% from XCD$1m / USD$372,000
• Disbursements - Stamp duty on registration of Conveyance document - 2% of the purchase price
• Copies, Registration, search and photocopies - approx. USD$55.00
• Mortgage documents - includes a basic fee of USD$37.20 plus the toll;
• 2.5% of the first XCD$50,000 / USD$18600
• 1.5% of the next XCD$100,000.00 / USD$37200
• 1% of balance or the next XCD$850,000.00 / USD$314,815
• .5% from XCD$1m / USD$372,000
• Disbursements - .25% stamp duty on registration of mortgage
• Copies Registration, search and photocopies - approx. USD$55.00
• For clients who wish to purchase the property via a Holding Company, additional legal costs will be involved. This falls in the region of approx. USD$1500.00 

These are the basic Legal fees involved, however it is always advisable to have the client contact a St. Lucian based Lawyer in order to obtain a quote for their various requirements.

St. Lucia

Standards