Mortgages

We at ACB Mortgage & Trust Company Limited have always been concerned about providing homes for our people in Antigua & Barbuda. We will assist you to:

Build your home
Buy your home

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A mortgage loan is long-term financing that ACB Mortgage & Trust grants to individuals for the purchase or construction of residential properties, or to individuals who are looking to change lenders on their existing mortgage:

Up to 30 years financing
Flexible payment plans
Low monthly payments
Up to 75% financing (or 95% financing where Mortgage Indemnity Insurance is provided)

Financing occurs under the following scenarios:

Customer is buying land and building a house
Customer owns land and wishes to build on it
Customer is purchasing a completed property
Take-over of a mortgage loan from another Bank
Property enhancements

Equity Financing occurs in the following instances:

Customer owns house, has existing mortgage with ACBMT and wants to increase his (or her) mortgage loan in order to consolidate debts over the period of the existing mortgage.
Customer has encumbered or unencumbered property and wants equity release for a variety of reasons-children’s education, travel, debt consolidation, etc.
Customer has existing mortgage with another financial institution, wants to bring mortgage to ACBMT and include other debts

Help us to help you by giving careful consideration to the following:

Start from Scratch

Test your ideas against your budget. Put your thoughts on paper. Talk to as many people and visit as many building sites as possible. Keep a proper file of design features which appeal to you. Then, remember, that you total income must exceed your expenses to enable you to pay for your home. The final Plans and specification which must be approved by the DCA, should be drawn up by an Architect or Draftsman.

Select a Contractor

Select two or preferable three Contractors to bid on the work and provide you with written estimates. Choosing the right Contractor will be the most important step for a successful building. The final responsibility for the finished product – workmanship, costing, timing and durability – will rest with the Contractor. Be sure to choose a Contractor with whom you can relate.

Put in in Writing

Having chosen your Contractor the next step is to prepare a detailed written legal Contract which should outline a description and costing of the work, including material and labour, start and completion dates, responsibilities of the respective parties, terms of payment etc. If you are buying a home, check with your lawyer before signing anything and give yourself time to think things through. Do not allow anyone to rush you. Be cautious!

Professional Advice – Civil/Structural Engineer

The services of an Engineer are considered intrinsically beneficial and to your advantage. The Engineer is a professional and in a good position to relay to the Contractor your specific requirements.

Making an Offer

You have found the right house and the asking price is within the range you can afford. Have a preliminary talk with us at ACB Mortgage & Trust to ascertain what sort of financing is available. Then, decide of a figure and prepare the offer to purchase. Do not sign the offer yet. Discuss with your lawyer who will ensure that your legal interest is being safe-guarded. An offer to purchase may be made in two ways – firm or conditional. A Firm Offer means that you will buy the property as outlined in the offer to purchase and there are no other conditions attached. A Conditional Offer means that you will buy the property if certain conditions (these must be listed in the Offer of Purchase) are met. For example, your offer may be conditional on getting a mortgage loan from ACB Mortgage & Trust. If you can’t arrange for a mortgage loan within a certain period of time, the offer will become null and void.

Stamp Duty and Legal Fees

For each $1,000 borrowed, there is a Government Stamp Duty calculated at $4 per $1,000. There are also Legal Fees occasioned by the preparation and registration of the Charge Instrument or Mortgage Document. The fees range from 2.50% of the first $25,000 ($625), 2% on the second $25,000 ($500) and 1% on the difference up to $1million.

Equity

If you are just starting to think about building, consider opening a Savings Account with our parent company ACB Caribbean to raise the required equity. A consideration could be to set aside 10% or more of your net income or take home pay each month. You may wish to invest in a Fixed Deposit over the 18 months to 3 years with ACB Mortgage & Trust.

Applying for a Mortgage

Why not arrange to discuss your mortgage financing with one our mortgage specialists. Note that an interview and application process may take up to 30 minutes. Plan accordingly if you have to ask for time from work. Alternatively, mobile service is available which allows us to complete the mortgage application at your home or work place if privacy allows.

Do not delay, engage ACB Mortgage & Trust today!