Understanding your mortgage options is crucial if you plan to buy property in Barbados. Whether you’re a resident or a foreign investor, choosing the best bank for a mortgage in Barbados can save you thousands over the life of your loan.
In this guide, we compare the top 5 mortgage lenders in Barbados, highlight the latest mortgage rates, and help you choose the right lender based on your needs.
1. RBC Royal Bank (Barbados) Ltd.
Why Choose RBC:
RBC is known in Barbados for its competitive mortgage rates and excellent customer service. It offers both fixed and variable rate options with flexible terms.
Key Features:
- Mortgage terms: Up to 30 years
- Down payment: As low as 10% for residents, 30% for non-residents
- Special programs for first-time homebuyers
- Pre-approval available in 24-48 hours
Barbados Mortgage Rates (RBC): Starting at 5.5% for residents (subject to change)
2. FirstCaribbean International Bank (CIBC FCIB)
Why Choose FirstCaribbean:
CIBC FirstCaribbean offers customizable mortgage packages for both locals and foreigners. They are particularly popular with foreign investors and expats.
Key Features:
- Up to 95% financing for qualified residents
- Foreign currency mortgages available (USD, GBP, EUR)
- Competitive interest-only mortgage options for investors
- Mortgage calculators and tools on their website
Barbados Mortgage Rates (FCIB): Starting at 6.0% for locals; foreign rates vary by currency
3. Scotiabank Barbados
Why Choose Scotiabank:
Scotiabank is a well-established lender with attractive fixed-rate mortgage options. They are ideal for buyers seeking rate stability.
Key Features:
- Mortgage terms up to 25 years
- Fixed and variable rate options
- Construction financing available
- Quick approval and online application portal
Barbados Mortgage Rates (Scotiabank): Starting at 5.75% fixed (subject to eligibility)
4. Republic Bank (Barbados) Ltd.
Why Choose Republic Bank:
Republic Bank is known for low closing costs and flexible repayment options. It caters to self-employed individuals and offers personalized service.
Key Features:
- Special mortgage plans for self-employed buyers
- Flexible repayment holidays (e.g., first 3 months)
- Home equity loans and refinancing are available
- Strong customer support and fast processing
Barbados Mortgage Rates (Republic Bank): From 5.9%, depending on profile and terms
5. Barbados Credit Unions (e.g., COB Credit Union)
Why Choose a Credit Union:
Credit Unions in Barbados often offer lower interest rates and more flexible lending criteria than traditional banks, which is ideal for locals.
Key Features:
- Lower interest rates (as low as 4.5%)
- More lenient credit score requirements
- Community-focused lending with lower fees
- Flexible loan terms and quicker approvals
Barbados Mortgage Rates (Credit Unions): 4.5% – 5.5%, depending on term and member status
Barbados Mortgage Rates: At a Glance (2025)
| Lender | Starting Rate | Max Term | Foreign Buyer Friendly |
|---|---|---|---|
| RBC Royal Bank | 5.5% | 30 years | Yes |
| FirstCaribbean (CIBC FCIB) | 6.0% | 30 years | Yes |
| Scotiabank Barbados | 5.75% | 25 years | Yes |
| Republic Bank | 5.9% | 30 years | Yes |
| Credit Unions (COB, etc.) | 4.5% | 25 years | No (focus heavily on locals only) |
Note: Rates may vary based on credit score, loan amount, and currency. Always contact the bank for updated quotes.
What You’ll Need to Apply
- Valid ID (passport for foreigners)
- Proof of income (job letter, payslips, tax returns)
- Credit report (local or international)
- Proof of deposit (bank statements)
- Property details (valuation/appraisal if available)
Can Foreigners Get Mortgages in Barbados?
Yes! Most banks in Barbados offer mortgages to foreigners, though you may need to provide additional documentation and a higher down payment (20-30%). Since you are a non-resident of the island, the banks will ensure that they thoroughly understand your credit profile so you feel comfortable extending credit facilities.
Tips for Foreign Buyers:
- Consider foreign currency mortgages to avoid exchange rate risks
- Work with a local attorney for smoother processing
- Get pre-approved before house hunting
Final Thoughts: How to Choose the Best Mortgage Lender in Barbados
When choosing a lender, compare:
- Interest rates and loan terms
- Down payment requirements
- Speed of approval
- Flexibility with repayments
- Support for foreign or self-employed buyers
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