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Getting a mortgage in Jamaica

by Katrina
(UK )

getting a mortgage in Jamaica

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...

Hi, My name is Katrina, I’m looking at moving to Jamaica in the next 3-5 years permanently.

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...


  1. Be contributing to the National Housing Trust, and that,
  2. 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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Comments for Getting a mortgage in Jamaica

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Oct 01, 2019
Recommend VMBS
by: Cynthia

After several attempts at obtaining a mortgage with various other institutions, I was finally able to get thru with VMBS. Give them a try

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About The Author

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A patriotic Jamaican who adores his culture, Wellesley has been using this medium to share what he calls 'the uniqueness of Jamaica with the world' since April 2007.  

To date, he serves over 9,300 unique readers / viewers per day.

His efforts have earned him featured positions in local publications, including the Jamaica Gleaner's Hospitality Jamaica, Carlong Publishers, as well as recognition from numerous prestigious international agencies and universities.

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