Frequently Asked Questions

What is a Credit Union?

A credit union is a co-operative, member-owned, non-profit financial institution organized to promote thrift. It is controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations.

Who can join the TTFSCU?

Membership shall be opened to all persons who work in the Fire Service Department, or an organization affiliated thereto, and immediate families of members. (Affiliated organizations shall be any organization whose main thrust is service to members of the Fire Service Department and is recognized by the Fire Service Department. Immediate family shall be parents, spouse, and offspring.)

How do I join the TTFSCU?

Application for membership can be made Online or at any of our Branch offices in Port-of-Spain, San Fernando and Tobago. You need to submit your membership application form with the following documents:

· Letter of Employment

· Two recent passport size photographs

· Evidence verifying residence
– e.g. copy of paid utility bills such as water, electricity and/or telephone

· Any two of the following forms of Identification
– Valid Passport, T&T Identification Card, Driver’s License, Birth Certificate Determination of all applications for membership shall be by majority vote of the Board of Directors. Membership commences from the date of approval of the application by the Board and on the payment of an unredeemable entrance fee and one share purchase.

What type of mortgage loans does TTFSCU offer?

TTFSCU offers mortgages to purchase House and Land, Land only, Interest-Only (bridging-finance loan), and Equity Finance loans

What is the maximum amount any member can borrow?

The maximum loan amount is $1,800,000.00. If the maximum is exceeded, a waiver request can be made.

What is the maximum repayment period?

The maximum repayment period is 30 years to age 70 for House and Land, 15 years to age 70 for Land only, and 20 years to age 70 for Equity Finance. ***Please note that members must prove how they will repay the mortgage upon retirement if they wish to extend the loan beyond their retirement age.***

What is the Loan-to-Value Ratio?

The Loan-to-Value ratio is 95% of the cost/value for House and Land and 90% of the cost/value for Land only and Construction

What is the interest rate?

The interest Rate is fixed for the duration of the loan between 5-6%.