The Newly Developed Apartments at Zuri @ 33 Church Street have opened up the opportunity for Work Permit Holders in Bermuda to secure longer term financing to purchase. Available to International Purchasers, Morston Financial is pleased to offer Work Permit Holders, through our lending partners, the opportunity to get financing for their own island home. Your Key Questions answered below:
1) How can WP Holder secure financing against these apartments? As the apartments are available also to International Purchasers, Work Permit Holders are free to purchase apartments in this building. Should they leave the island before the end of the mortgage, WP holders are free to rent their apartment out. This provides lenders the security that even if the WP Holders are no longer working on the island, they have the ability to earn Bermuda income from the rent to continue to pay for the mortgage.
2) Is the term of the mortgage only as long as the Work Permit? No, the term of the mortgage can go beyond their Work Permit, as in the event they leave the island, the rental income, should they not sell the apartment, will be available to continue to pay the mortgage locally?
3) What is the downpayment? This will largely depend on the unit they wish to purchase, and the potential rent that could be earned, should they leave Bermuda in the future. Expect a minimum downpayment of around 30%.
4) What if the WP holder stays on the island but wish to live elsewhere? They are free to rent the unit at 33 Church Street out and rent elsewhere on the island.
5) Can I purchase any other property in Bermuda? No, Bermuda has strong property laws to protect the availability of property for Bermudians. However, certain new developments such as 33 Church Street, Azura/ Nautilus, allow 'International Purchasers' or Work Permit Holders to puchase and to rent out. This enables local finacing. Other properties in the 'International Market' do not come with the right to rent, which can make financing more complicated, although not impossible.
6) I am interested in finding out more? Please contact us:
mortgages@morstonfinancial.com
