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Destination & Buyer Guides |
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Although most of our developments are offered with local financing sometimes up to 100% of the purchase price, there are many instances where alternative more cost effective funding may be available.
Again seeking independent professional mortgage advice is essential before committing to any purchase. Typically for new developments a payment schedule will be agreed based on stage developments of the construction.
This will mean a deposit of typically 20% of the sale price of the property will be required by most developers, followed by further 20% - 30% payments with the balance due at the end of the construction.
Most developers will have excellent relationships with local banks who are more than willing to offer mortgages to the buyer. The LTV loan to Value is typically 60% to 80% of the valuation, which at times does not match the sale price.
Beware of developers who do not offer bank guarantees or of local banks providing standard mortgages at high interest rates.
For example mortgages in Cape Verde are available but at very high rates.
Many people find that re mortgages on their existing property provides the most cost effective way of raising funds for deposits and balance payments for their chosen property.
Above all each individuals personal financial situation is different which means seeking professional independent advice is always the best approach before committing to financing abroad. |
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