Finance Provided
Up to 85% financing, difference to be provided by applicant (must be evidenced)

Competitive Interest Rates on Mortgage

Residential      

Commercial

Land

Borrowers Paid Up Shares
Required to purchase 2 $10.00 shares for every $1000.00 borrowed.

Life Insurance
Life and/or Term Insurance on the life of the borrower for no less than the amount borrowed must be    assigned.

Security to be Obtained
Leasehold property ONLY - The unexpired portion of the lease must be 20 years or more.
The building must be insured under a House Owner’s Comprehensive Insurance against all risks up to the full insurable value and the mortgagee’s interest noted thereon.
The insurance can be effected through the Associations' Insurance Broker.

Monthly Instalment
Payable by the last day of every month.

Qualifying Income
Monthly instalment must not exceed 1/3 of the applicants' gross monthly income.

Charges; 0.5% - 1% of the amount to be borrowed
Fees - Legal Fees to be borne by mortgagor

Valuation
The property must be valued by one of the Valuers on the Association’s panel.

Bridging Finance
For construction ONLY: Requests for drawdowns must be in writing with a breakdown of all that is required for the funds. A Quantity Surveyor report must be provided from one of the Quantity Surveyors on the Association's panel.
Advances will be charged at TBLA's current bridging rate.

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DOCUMENTS REQUIRED FOR NEW MORTGAGE

GENERAL REQUIREMENTS 

	Registered copy of freehold/leasehold Deed or Instrument
	Evidence of rates and taxes paid to date
	Job Letter – salary, allowances, length of service
	Recent pay slip
	Copy of two forms of identification ( ID / DP / PP )
	Personal Financial Statement
	WASA Clearance Certificate
	Purchase of Mortgagors Shares
	Payment of all Fees and Charges
	Coverage of Houseowners Insurance
	Assignment of Life/Term Insurance for an amount not less than the mortgage

IF SELF EMPLOYED

Certified Financial Statements
Projected Cash Flow for 2 - 3 years
Memorandum of Incorporation and By-Laws (Company)
Last Annual Return filed at the Registrar of Companies
Bank Statements

FOR PURCHASE OF PROPERTY

Signed Agreement to purchase and evidence of deposit slip/receipt
Signed Sales Agreement
Current Valuation

(In Addition) FOR CONSTRUCTION / RENOVATIONS:

Estimated Valuation before construction
Approved Building Plans
Land development approval from relevant authorities
Signed Quantity Surveyor's report (from the Association's panel)
Signed Builders Estimate

P.S. If there is more than one applicant all the personal information required above must be provided for each person.