Mortgages

New Mortgages

Are you interested in Buying a new home?

When thinking about purchasing a new home, there is much to consider. In addition to finding the property that meets your current and future needs, you also have to determine how you're going to pay for that dream home.

We can help. Follow the links below to figure out how much you can afford, whether you qualify for the Bermuda Government Mortgage Guarantee Programme, and the information required to complete an online mortgage application.

Apply now

How much can I afford?

Do I qualify for the Bermuda Government Mortgage Guarantee Programme?

Next steps: Application and supporting documents

FAQ

Need help?

Our expert loans team is here to answer your questions or offer advice. Please reach out to them at lending@bcb.bm

Refinance

Are you interested in Saving money on your existing mortgage?

Are you paying too much for your mortgage? The time may be right for you to switch to a Bermuda Commercial Bank mortgage... and save! Explore the links below to discover how you can reduce the amount you're currently paying.

Apply now

How much would I save?

Do I qualify for the Bermuda Government Mortgage Guarantee Programme?

Next steps: Application and supporting documents

FAQ

Need help?

Our expert loans team is here to answer your questions or offer advice. Please reach out to them at lending@bcb.bm

Mortgage Pre-Approval

Are you interested in Getting approved quickly?

A mortgage pre-approval is a key step in the home buying process. Our expert loans team is here to help you understand your budget so you can focus on finding the right home for you.

Apply now

How much can I afford?

Do I qualify for the Bermuda Government Mortgage Guarantee Programme?

Next steps: Application and supporting documents

FAQ

Need help?

Our expert loans team is here to answer your questions or offer advice. Please reach out to them at lending@bcb.bm

Bermuda Government Mortgage Guarantee Programme

Phase 2

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 focused on financing for Bermudian first time home owners, allowing Bermudians to reach their goal of owning "a piece of the rock". We are pleased to announce that we have now moved into Phase 2. The second phase of the programme will continue to focus on financing for Bermudian first time home owners, and will allow public officers to transfer their mortgages from their existing bank to BCB. 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.

Programme Criteria

The Qualified Borrower(s) of record must:

Be an individual persons or persons; and
Have Bermudian status or be a spouse of a Bermudian, if borrowing jointly with their Bermudian spouse;

either

Not own any Bermuda real property; or
Be a Public Officer (subject to probation period being successfully completed), having an existing mortgage (or first legal charge) with another licensed Bank in Bermuda.

The Qualified Borrower(s) must have:

Have at least 10% of purchase price of the property or at least 10% of the cost of the renovations (if only renovations) in cash in a Bermuda bank account.
Have a property valuation within 3 months prior to purchase.
Have a property estimate or quote setting out the proposed renovations, cost and an appraisal outlining the completion value within programme limits, should renovations be required.
Written confirmation from Tax Commissioner that no government fees are outstanding (speak with Relationship Manager).
Loan to Value ratio and debt service ratio within programme limits.
Loan secured by way of a first legal mortgage of the property being purchases or transferred (for the full amount of the loan).

Additional Requirements

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

For BMD $900,000 or less excluding Fees
Renovations up to BMD $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 is a participant under the programme:
- Discounted interest 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 for a loan under this programme of 360 months (or 30 years)
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 total value of the loan amount. Normal legal fees and stamp duty apply (even if this increases the total loan amount over the BMD$900,00 so long as the base loan amount does not exceed BMD$900,000).

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