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- The only mortgage that allows you to Own and Occupy or Purchase to Rent at the same preferred rate
- Approval of facility within 48 hours
(subject to normal lending criteria)
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- Finalisation with 3 to 6 weeks (subject to legal process)
- Not limited to first time owners
- Not limited to owning one property
- Refinancing available
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Maritime Life (Caribbean) Limited (MLCL) Mortgage Guidelines
| Mortgagor (The Barrower) |
- Mortgage installment within 30% of gross income
- Total installment on loans should not exceed 40% of gross income
- For non-fixed income applicants, total installment on loans should not exceed 30% of gross income
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| Amount |
- Minimum value of property $500,000
- Basic ratio of loan to property - 80% (lower of valuation or purchase price)
- Additional 10% with mortgage indemnity bond
- Valuations by Raymond & Pierre; Linden Scott and Associates Ltd;
Brent Augustus and Associates Ltd; W.D. Knott (Tobago)
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| Interest Rate |
- Competitive interest rate
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| Term |
- Minimum 10 years
- Maximum 30 years up to age 65
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| Fees |
- 1% up to a maximum $5,000
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| Owner Occupied |
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| Life and General Insurance |
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| Early Repayment |
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| Other financing available |
- Commercial properties, Home repairs, Equity (for education, medical, investment, etc.)
Land and Bridging financing available form Member Company
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Basic Mortgage Requirements include:
- Identification - ID, DP, PP
- Job letter and salary slip (within 3 months) or other evidence of income
- Purchase Agreement
- Favourable Credit Reports
- Valuation Report (within 3months) from one of our approved valuations (as above)
- Copy of Title Deed or Mortgage Deed
- Up-to-date receipts for land and building taxes
- Current receipts for water rates and WASA Clearance certification
- Statement on existing Mortgage loans (If applicable)
- Release in Escrow from Mortgage Company
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The Maritime
Financial Group strongly supports and advocates controls
and
measures that eliminate the abuse of alcohol and other substances.
© 2004 The Maritime Financial Group
Last Updated: August 2008
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