Buying Cayman property for sale can be a complicated
& frustrating process and experience. In this post, two professionals from
the finance and legal lending sides explain everything you need to know when
buying property or properties in the Cayman Islands. The tips will help you get
the best deal possible.
The minimum deposit required
When you want to secure a mortgage, there is a
minimum deposit needed. When you are buying a home or condo that will be used
as your main residence, you need to prepare for a down payment of generally ten
percent of the buying price. You will also need to pay stamp duty and different
closing costs that can go beyond the ten percent.
What can someone borrow?
If you have no significant existing debt, three and
a half times of your gross income annually is the maximum mortgage amount. This
is just a guideline but there are many other factors involved including your
age.
Can a first-time buyer get a mortgage?
If it is your first time to buy the
Cayman island properties for sale,
it may be more difficult to get a mortgage than an experienced property buyer.
However, this doesn’t mean that if you are a first-time buyer you cannot get a
mortgage. You are entitled to certain concessions and stamp duty waivers
depending on the location and purchase of the property.
Things that buyers should avoid
If you are buying Cayman property for sale, there are some things you should avoid as
a buyer. You need to start as early as possible and front-load the work. You
will need to deal with a huge amount of paperwork from the lending and legal
side. Put it together before you start to save time. It is also important to
instruct your lawyer as early as possible.
0 comments :
Post a Comment