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.
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
BCB Mobile Banking App Update
The issue affecting the BCB Mobile Banking App has now been resolved.
If you continue to experience issues accessing the app, please ensure you have updated to the latest version.
If the issue persists, please delete and reinstall the app. If you require assistance, please contact our Client Services team at clientservices@bcb.bm or (441) 295-5678.
Thank you for your patience and understanding.
The issue affecting the BCB Mobile Banking App has now been resolved.
If you continue to experience issues accessing the app, please ensure you have updated to the latest version.
If the issue persists, please delete and reinstall the app. If you require assistance, please contact our Client Services team at clientservices@bcb.bm or (441) 295-5678.
Thank you for your patience and understanding.
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.
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
IMPORTANT NOTICE: We will be performing scheduled system maintenance from 9:00am to 12:00pm (AST) on Saturday, 25 July, 2026. Our online banking services will be unavailable during this time. We apologize for any inconvenience this may cause.
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.
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
Payment Information
In line with BCB’s legal and regulatory obligations and the evolving restrictions on transactions into, or out of, Russia, as of 30th May 2022, BCB will limit transactions into, and out of, Russia. BCB wishes to advise customers that any permitted transactions are likely to experience significant delays and may result in additional charges.
Payment & Dealing Cut Off Time Changes ahead of the Bermuda Public Holidays on Thursday, 30th July, 2026 and Friday, 31st July, 2026
Good day All, this year the two-day public holiday in Bermuda falls on Thursday and Friday, 30th & 31st July 2026, there will be no payments, in any currency, processed on those two days. Additionally, there will be an early close for USD payments on Wednesday, 29th July. Please see the cut-off times below for payments value dated the 29th July, 2026 and the 3rd & 4th August, 2026:
- USD – All USD payments for value Wednesday, 29th July, 2026 must be communicated to the bank no later than 1:00 p.m. on 29th July, 2026. The next available value date for USD payments will be Monday, 3rd August, 2026 at the regular same-day cut-off times that apply.
- CAD – All CAD payments for value the 29th July, 2026 must be communicated to the bank no later than 3:00 p.m. on Tuesday, 28th July, 2026. The next available value date for CAD payments will be Tuesday, 4th August, 2026, as the 3rd August, 2026 is a public holiday in Canada. Payments for the 4th August, 2026 must be submitted to the bank by 1:00 p.m. on Wednesday 29th July, 2026.
- GBP, EUR, CHF, NOK, AUD, NZD, SGD & JPY, – All payments for these currencies for value the 29th July, 2026 must be communicated to the bank no later than the regular 11:00 am, or 12:30 p.m., cut off time that regularly applies, on Monday, 27th July, 2026. The next available payment value date for these currencies after 29th July, 2026 will be Monday, 3rd August, 2026, except for AUD, which will be Tuesday, 4th August, 2026, due to a public holiday in Australia on the 3rd August, 2026. Payments for value the 3rd August (or the 4th August for AUD) should be communicated to the bank by the regular 11:00 a.m. or 12:30 p.m. cut off time that applies for these currencies on Tuesday, 28th of July, 2026.
- Securities Transactions: Owing to the closure of our payment systems on the 30th & 31st July, as outlined above, please be aware that all USD securities trades - equity and bond – requiring market execution on 29th July 2026 must be communicated to our Custody/Treasury department by 11:00 a.m. on 29th July. The last trading day for Non-USD securities ahead of the holidays will be 27th July.
International
Currency
Cut Off Time Outgoing (Local AST)
Value Effective Date
Cut Off Time Incoming (Local AST)
USD
2:30 PM
Same day
4:00 PM
CAD
3:00 PM
1 business day
4:00 PM
EUR
12:30 PM
2 business days
4:00 PM
GBP
12:30 PM
2 business days
4:00 PM
AUD
11:00 AM
2 business days
4:00 PM
NZD
11:00 AM
2 business days
4:00 PM
NOK
11:00 AM
2 business days
4:00 PM
All other currencies
11:00 AM
2 business days
4:00 PM
Domestic via SWIFT
Currency
Cut Off Time Outgoing (Local AST)
Value Effective Date
Cut Off Time Incoming (Local AST)
BMD
12:30 PM
Same day
4:00 PM
USD
12:30 PM
Same day
4:00 PM
Domestic via ACH
Currency
Cut Off Time Outgoing (Local AST)
Value Effective Date
Cut Off Time Incoming (Local AST)
BMD / USD all local banks
3:15 PM
Same day
3:15 PM
