Living Barbados Magazine November 2014 Edition April 2014 edition | Page 49

Trudi Proverbs is a Premium Relationship
Officer at Scotiabank, Warrens with over
19 years’ experience in banking.

Q
A

I already have a mortgage with
another bank but I’m thinking of
switching. What does Scotiabank
have to offer?
As part of our switch mortgage program, we help to pay a portion of
your legal fees. We’ve found that
for many people, the thought of having to
pay the legal fees associated with switching
their mortgage has been prohibitive, so we
ease this burden quite significantly.
If you switch your mortgage to Scotiabank,
you can also bundle in additional funds
which you can use for any purpose such as
home renovation, education, medical costs
or debt consolidation. We’ve found this
is also a big reason why people switch as
they can consolidate all of their debt which
usually results in improved cash flow and
hence, savings. Depending on the customer’s needs, we also identify what other
possible banking solutions we can offer to
make your life easier, such as a credit card
or small business banking services.

Q

Q

I have recently married and my
wife and I are considering buying
land and building a home on it.
Once we have found a spot that we like,
what are the first things we should do?

I am interested in switching
to a 30 year amortization but
I’m 40 years old. Would I be
too old to qualify?

A

We don’t actually have an age
limit on when you can qualify
for a 30 year amortization.
However, we would still take your age
into consideration and help you to
plan around that age scenario in the
way that’s best for you. So for example if you are 40, and have a certain
level of financial commitments, we
can give you the 30 year amortization
to help you with your current cash
flow situation.
We can then revisit that at each
renewal process. You can still qualify
for a 30 year amortization but if you
know that you want to finish paying
off the mortgage say, in 20 years, we
can help you work out how to get that
done.

Before you even get to that point,
ideally you should first come to the
bank as a couple to have a conversation about what you can qualify for so
that you can approach the land hunt from
a more informed viewpoint.
When you come in, you should bring your
most recent payslips, proof of outstanding
debts and proof of savings. We would look
at your budget and income and see how
much you can use towards your down payment and what you can qualify for.

A

For further information or queries on any
of our services please call Scotiabank on
426-7000. You can also visit us online at
www.barbados.scotiabank.com

LIVING BARBADOS APRIL - AUGUST 2014

47