Mortgage Requirements

Fund Your Child's Education

Home Ownership

Home Renovation

Buy A New Car

Go On Vacation

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

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 House owners 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

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

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