Below are some facts about raising finance for your property purchase in the Dominican Republic.
75% - 80% LTV mortgages are available to foreign buyers in the Dominican Republic.
The terms of your mortgage can be repayment or interest only and could be raised in local currency, USD, GBP, Euro or CND. Loans are normally taken for periods from 15 to 20 years, or until age 65.
It is advisable to obtain mortgage approval in principle in order to be speed up the process when you find your dream property. It is also reassuring to know that your loan is achievable in principle, when it comes to making payments for new properties prior to formally applying for the mortgage.
Some developers of new build and off-plan developments offer installment plans over between 12 to 60 months. The charges applicable vary according to developer and repayments are usually index linked.
If you have property in your own country and would like to borrow against this in an equity release plan, we can introduce you to independent financial advisors who can help you raise the necessary finance.
When considering a buying property in Dominican Republic, you are well advised to get expert mortgage advice from a mortgage broker.
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