New Finance for Caribbean purchases
From "FOH News" on 15 July 2008
First Caribbean National Bank will finance properties across the islands and provide mortgages to expats in the Caribbean and UK residents. HiFX Mortgage Services is the only major UK broker to provide a fee-free overseas mortgage service, and is fully FSA regulated in the UK.
First Caribbean will be offering loans to finance properties on the islands of Barbados, St Lucia, St Vincent, Tobago & the Grenadines. The loan carries a LTV ratio of up to 70% for properties of up to $2.5m, 60% LTV for construction projects and 50% LTV for properties over $2.5m. HiFX also rewards both parties and pays referring agents an introductory commission of 35% of the fees received from the lender.
"Despite problems in the US, there has been no knock on effect on the Caribbean Islands and they are still proving to be an incredibly popular destination," said Jane Ayliff, head of international mortgages at HiFX Mortgage Services. "With the Pound trading well against the Dollar, especially compared to the Euro, the demand from British buyers is ever increasing."
HiFX offers tailor-made services, which include exclusive mortgage products, dedicated underwriters and a fast track personal service specific to the chosen country. Other foreign-based mortgages are currently offered in Spain, France, Italy, Portugal, the Canaries, Balearics, Madeira, Dubai and South Africa.
Ayliff added: "The overseas mortgage market is complex and we know that borrowers have traditionally struggled to find a regulated broker and good UK residential brokers have often been dissatisfied with the service provided by many of the overseas players. Offering independent, mortgage solutions and excellent customer service, our aim is to challenge those overseas brokers who charge large fees and poor service to clean up their act. It is more crucial than ever for businesses to be able to offer a solution for all their clients' needs and partnerships with reliable companies, whatever the business, will help with retention strategies."
