Mortgages can be provided by banks in the Cayman Islands for purchasers who are resident in the Cayman Islands as well as those whose primary residence is elsewhere and are perhaps buying a property for investment purposes or a Caribbean vacation home. The period of the loan will usually be somewhere from fifteen years up to thirty-five. Mortgage rates will vary from bank to bank so it is worth discussing your personal requirements with a number of lenders to ensure that you get the best mortgage rate possible.
Resident buyers seeking a mortgage
If you are seeking a mortgage as a resident of the Cayman Islands the bank will usually require that you have been living in the Cayman Islands for at least six months, terms of the mortgage may vary from bank to bank but you would you be expected to put down a deposit between 5% and 20%.
Non-Resident buyers seeking a mortgage
Whilst it is possible and common for buyers who are not residing in the Cayman Islands to obtain a mortgage from a Cayman Islands lender the terms will vary to those offered to residents with most banks expecting a deposit of 30% or more. An alternate option is to obtain a mortgage from a lending institution in your country of residence, however most banks doing this will seek to collateralize property in the same jurisdiction as the loan rather than try to do this abroad. Mortgage rates in the Cayman Islands are based on New York Prime and will be uplifted from this point usually between 1% - 5% depending on a variety of factors including credit rating, tenure on island and income.
The information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us) , we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and cannot be verified by Cayman Islands Sotheby's International Realty. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.
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