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.

Cayman Islands banks offering residential mortgage packages include:

Butterfield Bank (Cayman) Ltd

Cayman National Bank, Ltd

CIBC First Caribbean International Bank

Fidelity Bank (Cayman) Ltd

RBC Royal Bank (Cayman) Ltd

Scotiabank and Trust (Cayman) Ltd