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Getting a mortgage in Jamaica
by Katrina
(UK )
Katrina is coming home, yeah!!! But she needs some guidance and information on getting a mortgage in Jamaica, but on a particular condition. I responded in detail below.
But first, here's her question...
But in the meantime I’m looking to buy a property, that I can start working on and possibly use as a B&B.
My question is, am I able to get a mortgage in Jamaica based on my employment in the UK? If so what’s the process, and how do I start?
Best wishes
Katrina
ANSWER: by Wellesley
Hey Katrina!
Great question again, thanks for asking.
Unfortunately no, on the face of it, you are not be able to get a loan solely on your employment in the UK.
I thought about the National Housing Trust first, that's the government agency that provides housing loans and benefits.
Their requirements are fairly straightforward.
They state for example, that you must...
- Be contributing to the National Housing Trust, and that,
- The last 12 months' contribution must have been paid timely
Do me a favour and read this article on the full requirements to get a NHT loan, to gain a deeper insight.
I also reached out to the banks, and the response is basically the same.
You CAN get a mortgage here, but the requirements will not factor your UK job history.
One of the leading banks here, for example, stated that, if applying for a mortgage as an employed person (meaning and employee), you'd need to be working permanently in Jamaica for at least 12 months and is getting your salary through a bank account; if on a contract, 2 years.
And, if self employed, your business would need to be registered and operational for two years. You'd also need to provide a Tax Compliance Certificate (TCC) as well as a bank statement for those two years as well.
I may not have given you the answer you hoped for, but this should provide some guidance and direction for you.
By the way, I think you might be interested in my articles on how to register a business in Jamaica as well as some key tips on buying real estate in Jamaica.
All the best.
As usual, I welcome your feedback here.
Regards,
WG
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P.P. S. We've answered HUNDREDS of questions, click here and here to get even more answers.
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