Mortgages and Foreign Exchange
How to own a piece of paradise.
US Dollar Mortgage
Mortgages in Barbados are readily available to non-nationals and non-residents. Banks that offer US dollar mortgages are The Royal Bank of Canada, Scotia Bank, and CIBC First Caribbean International Bank.
- Loan to value ratio ranges between 60% and 70%
- Loan to value is 50% if value is in excess of US$2.5M
- Minimum loan value is approximately US$250,000
- Repayment terms range from 5 to 25 years
- Interest rates are pegged against international LIBOR rate
- Bank’s attorney fees are approximately 1% - 2.5% plus 17.5% VAT
Approximate guidelines only, please check with your preferred institution for their precise terms and conditions.
Barbados Dollar Mortgage
- Interest rates between 6 - 8.5%. This is subject to change based upon the local market.
- Mortgages can cover up to 95% of the total amount
- Housing Service Ratio (HSR) should not be more than 40% of gross personal income
- List of assets and collateral
- Evidence of full life insurance
- List of cash and bonds
- The property itself can be used as collateral to secure your mortgage
- Repayment terms are up to 35 years (maximum term and age of client not to exceed government age of retirement).
Approximate guidelines only, please check with your preferred institution for their precise terms and conditions.
Foreign Exchange
Chestertons FX is the foreign exchange arm of Chestertons. We provide a fast, cost-effective and secure international currency transfer and exchange service for international property buyers, sellers and landlords.
We specialise in transferring and exchanging large sums of money typical to property transactions and can advise our clients on the best options to ensure that they get the best deal and the right level of protection.
Advantages of using Chestertons FX
- We provide access to market-leading rates of exchange which will save you money compared to if you went to a high street bank
- We don’t charge commission or transaction fees
- Fast and reliable same-day money transfers
- The option to ‘forward-buy’ currency, locking in rates and protecting you from rate fluctuations
- It’s easy to transfer money and buy currency using our online and telephone services
- We can handle both one-off and regular currency payment transactions
- All transactions are handled by a dedicated and experienced personal account manager
- FCA regulated – which means that you can transact with confidence
- Online access to your account, 24 hours a day
