Bermuda Commercial Bank > Lending > BDA Govt Guarantee

Bermuda Government Mortgage Guarantee Programme

Phase 1

In collaboration with the Bermuda Government, BCB is pleased to be the Bank of choice for the Bermuda Government Mortgage Guarantee Programme. The first phase of this programme focuses on financing for Bermudian first time home owners, allowing Bermudians to reach their goal of owning “a piece of the rock”. The details provided below are a guide and all loans are subject to BCB Credit Policies, requirements and approval.

Please allow 2 business days for review of your details, following which a representative will be in touch.

Bermuda Government Mortgage Guarantee Programme

Phase 1

Programme Criteria
The borrower(s) of record must:

  • Have Bermudian status or borrowing jointly with Bermudian spouse; and
  • Be 40 years of age or younger including any joint borrower; and
  • Not own any Bermuda real estate; and
  • Have 10% of purchase price in cash in a Bermuda bank; and
  • Have a property valuation within 3 months prior to purchase
  • Have a quote and estimated completion value should renovations be required
  • Not have any outstanding governmental taxes
  • Loan to Value ratio and debt service ratio within programme limits.
  • Loan secured by first legal mortgage

Additional Requirements
A loan to a Qualified Borrower of the programme must be:

  • For $900,000 or less excluding Fees
  • Renovations up to $50,000 may be included with the purchase.  If included they must not exceed $900,000 for the total loan.

Interest Rates, Terms & Fees
Qualified Borrowers under the programme will:

  • Have a discounted interest rate while the borrower falls under the programme:
    • Discounted rate of BCB Base Rate plus 2%.
    • Loan interest rate to revert to standard interest rate when borrower no longer falls under the programme.
  • Will have a maximum term under this Programme of 360 months (or 30 years) and limited by borrower age at final maturity being 65 years or under.
  • The Guarantee under this program will remain for a maximum of 10 years or less depending on alternate terms.
  • Fees:
    • Discounted Arrangement Fee of 0.75% of the loan amount.
    • Normal legal fees and stamp duty apply.

To confirm your eligibility to the program or to explore other financing options the following details are required:

• A completed online Loan Request Form or BCB Personal Financial Statement
• Verification of employment and salary
• Three months of bank and credit card (if applicable) statements

Interested in knowing more about this programme?  Yes, tell me more

Or call +1 (441) 295-5678 and ask to speak to a Relationship Manager.

Bermuda Commercial Bank