Caribbean villa

Financing Property Purchase

There is a limited amount of real-estate mortgage financing available in Montserrat and the cost of such financing is usually higher than similar loans in the UK, Canada or USA. In most cases you will be better served obtaining the appropriate financing in your usual place of residence.

Remember that in order to be registered to bid in the online auction, you must have your financing pre-approved.

All of the following information is subject to change and should be verified. Also, like any other financing, the details of any loan reflect the lender’s assessment of the applicant’s fiscal stability.

Royal Bank of Canada – Provides 30 year loans at 9.5% interest. Requires a minimum of 25% owner’s equity and provides a maximum loan amount of EC$ 250,000 (approximately US$ 93,000)

Bank of Montserrat – Provides 20 year loans at 9.5% interest. Requires a minimum of 20% owner’s equity and a current appraisal. There is no ceiling on the loan amount.

The Montserrat Building Society -- Provides 15 year loans at 8 3/4% interest. Requires a minimum of 25% owner’s equity and provides a maximum loan amount of EC$ 200,000 (approximately US$ 74,000)

Note: Although we cannot carry mortgage, we are willing to consider a property exchange for property in Canada or the USA