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Owning a Home in Trinidad and Tobago: A Pipe Dream or Reality?

I’m a resident of Trinidad and Tobago in my 30’s heading towards my 40’s; I’ve been a renter for almost a decade. Over the last few years I’ve become more interested in watching HGTV and searching home décor ideas on Pinterest. Why the sudden interest? I could say it’s partially from the Facebook updates from my alumni friends owning a home, realising that having assets are important especially as I’m approaching my 40’s. But there is something refreshing and satisfying about owning a home and I continue to work towards achieving this dream.

I’m sure that many share this sentiment. Like most people in their 30’s, the thought of owning a home becomes stronger with recurring daydreams of the “dream home”. The reality however is that property prices continue to increase and owning a home may seem like a pipe dream. Renting on the other hand is equally costly (especially if you are on your own). Looking at your average monthly rent, it can be comparable to paying a mortgage. So what to do?

We at Trinidad and Tobago Mortgage and Finance Company Ltd. (TTMF), in collaboration with the Ministry of Housing and Urban Development are providing a solution to this dilemma making it easier to acquire a mortgage. The ‘Expanded Affordable Housing Financing Regime’ offers a 5% mortgage catering to the needs of the middle and lower income persons and families in Trinidad and Tobago. With only 5% deposit required, it is easier to meet the down payment required on a property.

The 5% mortgage interest rate is only applicable to first time homeowners for properties valued up to $1.2 million (house and land or land with immediate construction). The household income in total cannot exceed $30,000 and the maximum term of the loan is 30 years (up to the age of 70).
A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years.

The legal provision in the mortgage documents require that beneficiaries of newly built Government-financed properties cannot sell or sublet the subsidized property before the expiration of ten (10) years from the date of financing.

More details of the terms and agreement can be found at:
https://www.ttmf-mortgages.com/mortgage-financing/5-mortgage-programme

We encourage our mortgagors to take the ‘Mortgage Cover’ plan. This is an insurance policy that protects your mortgage in the event of unexpected death. The plan ensures that your beneficiaries won’t lose their home as any outstanding loan balances will be paid off.

TTMF has been the lender of first choice for residential mortgages in Trinidad and Tobago since 1961. We provide financing to purchase a home, land, build a home, home improvement funding and major expenses.
There’s a lot to consider when taking on the responsibility of owning a home. But instead of hiding in a heap of barriers, it’s important to know what opportunities and options are available.
Having an option that caters to the income level shared by the majority is refreshing.

For more information check out our website at www.ttmf-mortgages.com.

Happy house hunting!