Moderator: 3ne2nr Mods
1) TTMF maybe your best option as 1st time.Mowally wrote:Hi, Tuners I've been reading up on mortgages in Trinidad. I need some ideas on the best lending institution and some advice on my presenting issues.
1. Working with combined salary of $18000 & the no. of yrs to pay off is 16. I'm looking at property for $1.2M.
2. Can I used family land as collateral to get a mortgage for new property?
3. Annnddd how do I go about getting Venezuelan labourers?
Dizzy28 wrote:Isn't TTMF's 5% rate for a fixed period (1st 5 years) as opposed to the life of the mortgage and it then goes to market rates eventually. (v. A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years........https://www.ttmf-mortgages.com/mortgage ... -programme)
This should be a concern/point of note for persons who just about qualified from an income perspective, as they would need to pay a bigger payment later on.
Assuming that you are only given 16 years to repay a $1.2M loan:Mowally wrote:Hi.. Thank you for input.
I'm trying to wrap my mind around the info given. You spoke about the land . So the land with requirements given will decrease the loan amount? with the property being in lien, will I still be able to use such property as a revenue earner?
I won't qualify for the 2% because my salary is above $14000, but less than $20G. My issue is the time frame for the mortgage repayment, I'm only getting 16 years.
I'd like ac company that can deal with me on my individual basis. Looking @my assessments & liabilities & working to suit.
Nope, they say it's up to the value of 1m so even if you buying something for 900k but the valuation stating 1.1m, you will get put in the 5% bracket. Same for construction, if your land valuation plus construction value crosses 1m, it's 5%infinite_RPM wrote:Bump.. quick question. The ttmf 2 percent mortgage is up to 1m, but let's say the house I want to buy is 1.4m, would I be able to qualify for for the 2 percent rate if I have the 0.4m already?
It's based on valuation and subsidized. I was wrong.Kronik wrote:Nope, they say it's up to the value of 1m so even if you buying something for 900k but the valuation stating 1.1m, you will get put in the 5% bracket. Same for construction, if your land valuation plus construction value crosses 1m, it's 5%infinite_RPM wrote:Bump.. quick question. The ttmf 2 percent mortgage is up to 1m, but let's say the house I want to buy is 1.4m, would I be able to qualify for for the 2 percent rate if I have the 0.4m already?
Exactly why I went to republic (4.75%) instead of TTMF (RBC is like 4.5% I think), aside from what you paying for the land, is the valuation amount you need to check, so if you paying 450k, but it valued at 550k, you have to build something valued 450k max and get your completion certificate or else is 5% cuz you cross 1mil in value. And the max amount you would be able to get for land based on a 14k salary (max salary for 2%) is 400k, if it costs more you would have to put it, but that still leaves you with the high value.ProtonPowder wrote:Real nonsense to be honest.
Say you manage to get a good piece of land close-ish to an urban area for about 400-450k like Reform or so, you would end up being limited to construct a small <1000-1200sf house to keep it under 1M value.
For basic construction, OLD (2015) quantity surveyor estimates are $500 per sf of house from foundation to finish. More recent estimates for basic construction are closer to $600 per sf or so.
A few people I've spoken with also got screwed over by their mortgagees before. Buried in the covenants it stated that construction of any fence or external shed before the release would raise their interest rate. They didnt realize, and the next time the quantity surveyor came, they get slap with higher payments. This was probably for the bank to not let the owners increase the value of the home relative to the value of the loan.
I pay less than 2k, 1500 plus vat, value came up to 10k less than I paying, so I glad they didn't value it too high, less money I hadda pay in fees.ProtonPowder wrote:You probably got the $2k fee then. They have an even higher minimum for 'prestige' areas that they have listed.
If hey worked out best for your situation then thats good though.