Buying a vacation or investment property in the Cayman Islands is a bit easier than a lot of locations in the Caribbean. There are more banks, and more importantly, more of an appetite to lend on Cayman real estate. We have plenty of conventional mortgage options for our non resident buyers.
Bank Mortgages for Non-Residents
We have options for bank mortgages for non residents with as little as 20% down payment. This is the least we have on any of the islands we operate. Conventional mortgages for the Cayman Islands are the lowest priced financing options we offer, not the easiest, but definitely the best priced.
Generally most of the banks in the Cayman Islands require 30% down for non resident buyers, with just the one offering 80% financing. The rates are higher than what you would pay in the US or Canada but lower than much of the Caribbean. This makes the Cayman Islands much more affordable than it may otherwise be based on price alone.
Qualifying for a Non Resident Mortgage
Qualification in the Cayman Islands is very similar to the rest of North America, with a few small differences. Some policies are designed to make sure the applicant is strong enough to get past slower periods in the rental market. Secondly, qualification can take a very long time. In some cases, it can take several months just to get an answer, something most buyers are not accustomed to when purchasing property.
You will need to prove that you have good credit, strong income, and enough down payment. Nothing unusual here, but some banks will make you debt service credit cards and lines of credit, even if you don’t carry a balance. This is one of the measures banks use to limit your buying power.
Advantages of a Bank Mortgage
If you are a non resident who will be using rental income to carry your mortgage, carrying costs will be important to you. This is the main benefit of a bank mortgage, the interest rate. The second benefit as discussed above will be down payment. Most of the islands we deal, require a 40-50% down payment whereas our conventional options in the Caymans allow us to lend much higher values.
Again, qualification can be tricky and can take a long time. For this reason we think its important to work with us to ensure we take you to the right bank for your specific situation. Experience matters.
Talk to us today about our non resident bank mortgages in the Cayman Islands!
