The Caribbean property market, whilst popular with foreign investors, has been held back by the lack of finance available to non-nationals. Now, Caribbean Land and Property is offering mortgages to resident expats and foreign buyers in 19 Caribbean countries.
Obtaining a mortgage for a Caribbean property has traditionally been difficult as most lenders will not lend to non-nationals, or if they do, the interest rates are sky high.
Now, Caribbean Land and Property has started a new wave of mortgages that are available to Caribbean nationals, resident expatriates and foreign buyers.
They have teamed up with some of the UK's leading mortgage providers, to offer Caribbean mortgages in Anguilla, Aruba, Bahamas, Barbados, Barbuda, Belize, Bonaire, British Virgin Islands, Cayman Islands, Curacao, Dominican Republic, Grenada, Jamaica, St. Lucia, St. Kitts & Nevis, St Maarten, St. Vincent, Turks & Caicos and Tobago.
The mortgage service is not exclusive to those clients buying properties through Caribbean Land and Property but is open to any qualifying client.
Applications can be made for a mortgage of up to 75 per cent of the valuation of the Caribbean home or land purchase and interest rates are competitive.
Manager of Caribbean Land and Property Financial Services, Katie Sosna, says, "This service should help a lot of people who want to get on the property ladder in the Caribbean.
"We aim to make the process as simple and speedy as possible," added Ms Sosna.
Tourism plays a major part in the Caribbean's economy, so an investment property there could have strong rental yields. The World Travel and Tourism Council recently estimated that over £500 million of economic activity was generated from travel and tourism in Barbados alone.
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