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Mortgage Requirements

Terms of Loan

Finance Provided

Competitive Interest Rates on Mortgage

Borrowers Paid Up Shares

Required to purchase $500 share and be a member for the term of the mortgage.

Life Insurance

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

Monthly Installment

Payable by the last day of every month.

Qualifying Income

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

Charges & Fees

TBLA charges 0.5% – 1% of the amount to be borrowed. Legal Fees to be borne by mortgagor

Valuation

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

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.

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.

DOCUMENTS REQUIRED FOR NEW MORTGAGE

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

GENERAL REQUIREMENTS

IF SELF EMPLOYED

FOR PURCHASE OF PROPERTY

FOR CONSTRUCTION / RENOVATIONS

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TBLA Mortgage Calculator

Feel free to fill out the form below to get an idea of your Monthly Payments, Total Payments and Total Interest that will be paid.

Mortgage Payment Calculator by MortgageLoan.com