Switch Your Mortgage
Move your residential mortgage to Demerara Bank with zero fees and a simple transfer process.
Enjoy a 5% interest rate, financing up to G$40 million, and bundled products, including a vehicle loan, consumer loan, and credit card, all at no extra cost.
Switch to the Smarter Mortgage.
- Are you paying more than you need to?
- Would you like to own your home sooner?
- Do you want the freedom to repay early without penalties?
If yes, it may be time to switch.
Why Switch
Demerara Bank covers all costs associated with your mortgage switch, including:
- Court Filing Fees
- Legal Fees
- Processing Fees
Plus, once all required documents are submitted, approvals are typically completed within 48–72 hours.
The Benefit
- You pay less in interest.
- You build equity faster.
- You keep more of your money.
- You retire mortgage-free.
Competitive Rates & Terms
- Up to G$4,000,000 – 3.5% p.a.
- G$4,000,001 to G$9,000,000 – 3.7% p.a.
- G$9,000,001 to G$15,000,000 – 4.5% p.a.
- G$15,000,001 to G$40,000,000 – 5% p.a.
- Above G$40,000,000 – 8% p.a.
Repayment Period: Up to 30 Years
Designed to create stable, manageable monthly payments.
Bundled Facilities
Qualified applicants may also access:
Visa Credit Card (G$1M–G$2M)
Car Loan (up to G$6M at 7%)
Consumer Loan (up to G$500,000)
All extended with zero legal and processing fees.
Required Documents
To ensure a smooth mortgage switch, please prepare the following documents.
- National Identification Card / Passport / Driver’s Licence
- Recent Job Letter or Payslip or if self-employed: Business Registration and prior year financials
- Copy of Title or Transport and Valuation of Property
- Loan Statement or Payout Letter from your current lender
Frequently Asked Questions
1. What exactly is the Switch Your Mortgage promotion all about?
This promotion allows you to transfer your existing mortgage from another bank to Demerara Bank at zero cost. We cover all legal, court, and processing fees, while offering a 5% interest rate and repayment terms of up to 30 years.
Under our expanded Residential Housing Loan framework, the lending ceiling has increased to G$40Million with a competitive interest rate structure based on loan tiers.
Revised Tiered Interest Rate Structure (Reducing Balance):
- Up to G$4,000,000 – 3.5% p.a.
- G$4,000,001 to G$9,000,000 – 3.7% p.a.
- G$9,000,001 to G$15,000,000 – 4.5% p.a.
- G$15,000,001 to G$40,000,000 – 5% p.a.
- G$40,000,001 and above – 8% p.a.
2. When you say Zero Cost, what does that really mean?
It means you do not pay any transfer-related expenses. Demerara Bank covers all legal, court, processing and site inspection fees.
3. What interest rate will I get if I switch?
- Up to G$4,000,000 – 3.5% p.a.
- G$4,000,001 to G$9,000,000 – 3.7% p.a.
- G$9,000,001 to G$15,000,000 – 4.5% p.a.
- G$15,000,001 to G$40,000,000 – 5% p.a.
- Above G$40,000,000 – 8% p.a.
4. How long can I take to repay my mortgage?
You can repay your mortgage over a maximum period of up to 30 years.
5. Who can qualify to switch their mortgage?
Anyone who currently has a mortgage with another bank or lending institution in Guyana can apply, once you have no defaults with repayment and meets the bank’s requirements.
6. How long does it take to get approved?
Once all documents are submitted, you can expect a decision within 48 to 72 hours.
7. What documents do I need to start my application?
You will need:
- National Identification Card / E-ID/Passport / Driver’s License
- Recent Job Letter or Payslip or if self-employed: Business Registration and prior year financials
- Copy of Title or Transport and Valuation of Property
- Loan Statement or Payout Letter from your current lender
A full checklist will be provided via email or in-branch.
8. Is there any risk of losing my home while switching?
No. The transfer is done seamlessly. Your existing mortgage is closed and your new one with Demerara Bank is registered. Your property remains fully protected.
9. What if my current bank charges an early closure fee?
We will review this with you. In many cases, these fees can be included in your new loan, so you won’t need to pay them out of pocket.
10. Will I have to move my salary to Demerara Bank?
Yes. Your salary assignment will be transferred to Demerara Bank to make repayment easier and more efficient.
11. Do I get any other benefits if I switch?
Yes. You may also qualify for:
- A Visa Credit Card (G$1M to G$2M)
- A Car Loan up to (G$6M at 7% for 6 years)
- A Consumer Loan (up to G$500,000) with no additional fees
12. How do I apply for the promotion?
You can apply:
- Online through our website
- By scanning our campaign QR code in branch
- At any Demerara Bank branch
Our Mortgage Desk team will guide you from start to finish.
13. Will someone help me with the paperwork?
Absolutely. Our mortgage officers will:
- Assist with completing your forms
- Help you organize your documents
- Guide you through the salary assignment process
- Cover the entire process with you
14. What if my property valuation is outdated?
No problem. Please arrange a quick updated valuation.
15. Is there a deadline to apply?
Not at this time. The sooner you apply, the earlier you enjoy your switch benefits.
16. Can self-employed persons apply?
Yes. Your application will be accessed under the Self-Employed guidelines.
17. What happens if my application is not approved?
We pre-qualify you before you close your current mortgage, so you will know your eligibility upfront before making any changes with your existing bank.
18. What if I was previously advised to stay with my current bank?
That advice may have been based on your previous circumstances or older mortgage terms.
Under our new Zero-Cost Mortgage Switch Promotion, you may now qualify for:
- Zero transfer fees (legal, court, and processing)
- Competitive tiered interest rates
- Financing up to G$40 million
- Repayment terms of up to 30 years
- Access to bundled credit products at no extra cost
We encourage you to speak with a Demerara Bank loan officer again
19. Can my current bank stop me from switching?
No. Your current bank may try to retain your business, but legally they cannot prevent you from transferring your mortgage. Demerara Bank will guide you through all required steps.
20. What if my current bank encourages me to stay?
The choice is completely yours. Only Demerara Bank offers a true zero-cost transfer, a 5% rate up to G$40Million, and a credit product bundled such as:
A Visa Credit Card (G$1M to G$2M)
A Car Loan up to (G$6M at 7% for 6 years)
A Consumer Loan (up to G$500,000) with no additional fees
21. Can I message the bank on WhatsApp to get started?
Yes. You can contact our official WhatsApp number to receive your document checklist, salary assignment guide, and application instructions instantly.
WhatsApp: + (592) 728-0828.
22. Why should I consider switching my mortgage or loan to Demerara Bank?
With our Switch Your Mortgage Promotion, you can move your residential mortgage to Demerara Bank with zero fees and a simple transfer process.
You will benefit from:
Choose a smarter mortgage
Why smart borrowers choose Demerara Bank:
Retire mortgage-free
Build equity faster
The question isn’t: “How much can you borrow?”
Demerara Bank. Smarter Mortgage. Better Future.
Zero Transfer Costs
Demerara Bank covers:
Court filing fees
Legal fees
Processing fees
Competitive Tiered Interest Rates (Reducing Balance):
Up to G$4,000,000 – 3.5% p.a.
G$4,000,001 to G$9,000,000 – 3.7% p.a.
G$9,000,001 to G$15,000,000 – 4.5% p.a.
G$15,000,001 to G$40,000,000 – 5% p.a.
Above G$40,000,000 – 8% p.a.
Flexible Repayment
Up to 30 years
Fast Approvals
Typically within 48–72 hours once all documents are submitted
Bundled Credit Facilities
Qualified applicants may also access:
Visa Credit Card (G$1M–G$2M)
Car Loan (up to G$6M at 7%)
Consumer Loan (up to G$500,000)
All bundled facilities are extended with zero legal and processing fees.
This promotion is designed to make switching your mortgage simpler, faster, and more affordable than ever before.
23. Do I need Life Insurance for a residential mortgage?
No. You save here.