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Getting a Mortgage

How to Get a Mortgage in the Cayman Islands

Lenders require a down payment of normally between 5 – 30%. Most lenders do not charge for pre- payment penalties. Interest will vary between 2 to 4 percentages, or better, above the prime rate which at the moment is 3.50%. Once your mortgage application is complete, most lenders will process it within 30 days. Most delays occur because of missing information required by your lender. Other factors impacting your debt service ratio: Immigration status, profession, age, overall financial position, credit history all play a part in determining the terms of your mortgage. A 10 to 15 year term is considered normal although lenders do offer up to 30 year mortgages. You will pay a stamp duty of 1% (1.5% if over $300,000) on the loan. The bank will arrange an attorney to work on yours and its behalf through the process at a rate of .5% to 1% of the purchase price of the property. Foreign borrowers, in most cases, will find that interest accrued on their mortgage in Cayman Islands is tax deductible. There are also companies who will shop your mortgage for you thus eliminating the need for you to contact individual banks. Also, there are developers who will finance their projects normally from two to five years and tailor the financing to overseas buyers as well.

The following are general requirements for personal mortgage applications (may vary from bank to bank):

  1. Completed Personal Mortgage Application including Statement of Affairs/Financial Statement.
  2. Verification of employment letter and net income. Note: For non–residents, lenders also require two years Tax Returns together with a recent credit bureau report–preferably from Equifax.
  3. A photocopy of a current Work Permit (if applicable for residents).
  4. If you own your own company or a controlling interest in a company, lenders require the company’s financial statements for the past two years. Note: For Non–Caymanian companies, we also require two years tax returns for the company.
  5. Copy of signed offer to purchase indicating purchase price, closing date, and whether total costs include stamp duty, legal, application or other fees.
  6. Verification of source of down payment and closing costs – i.e. bank and/or investment statement showing funds available.
  7. For construction mortgages they require the following:
    • A contractor’s estimate
    • A copy of the Cayman Islands Government approved Building Permit (Red Card)
    • A copy of the approved house plan
  8. A current valuation/appraisal of the property to be purchased by one of your banks approved valuators normally from one of the following:
    • BCQS Limited
    • JEC Property Management
    • DDL Quality Surveyors
    • Andrews Key Ltd Property Consultants
    • Bould Consulting Ltd
    • Kozaily Designs Limited
    • Charterland Limited Chartered Surveyors Property Consultants
    • Moses Kirkconnell/Kirkconnell Investment & Development Co. Ltd.
    • Mark Knowlton
    • Blue Point Consultants
  9. Life insurance on the life of each borrower for at least the amount of the mortgage, with policy assigned to and held by your bank.
  10. Fire and Hurricane insurance, if not covered under the strata/homeowners association.
  11. A commitment fee of 1% of the amount being borrowed, payable upon acceptance of the Letter of Offer.
  12. Photo Identification: A passport, national identity card or other government–issued identification, such as a Driver’s License, which includes a photograph, signature and your date of birth, (If you are a Cayman Islands citizen or Status Holder, you may substitute a Driver’s License).
  13. One of the following forms of address confirmation:
    • A Driver’s License, which indicates your residential address, if it has not already been used for identity confirmation, or
    • A recent (i.e. within 3 months) original and complete utility bill which indicates your residential address (and not P.O. Box number)
    • A recent (i.e. within 3 months) original and complete major credit card statement (Amex, Visa, MasterCard or Diners Club) which indicates your residential address (and not P.O. Box number)
    • A bank reference that lists the residential address (and not P.O. Box number) of the applicant
    • An original bank/professional reference addressed directly to the manager of your bank. The reference must include:
      • Length of banking/professional relationship (should be a minimum of three years)
      • The average balance for the past year (if from a bank)
      • The manner in which the account/relationship has been conducted. In the event the relationship is for less than three years, then
        • Provide a second reference (relationship should be of at least two years) or
        • A professional or character reference. Faxed references must state that the original will be mailed to your bank
  14. If you are a non–resident, you will need to add the following documents to those indicated above.
    • A second form of identification, both forms of identification you provide must be notarized by a notary public, or certified by a bank, accountant, lawyer or member of the judiciary or senior civil servant. If certified, we request that the certifier signs the copy of the document, prints his/her name clearly underneath, includes his/her position or capacity together with a contact address and telephone number.
    • A second form of address confirmation. One of the following:
      • A Driver’s License, if it has not already been used for identity confirmation (see above) that indicates your residential address (not a P.O. Box number);
      • A recent (i.e. within 3 months) original and complete utility bill recent (i.e. within 3 months) original and complete major credit card statement (Amex, Visa, MasterCard or Diners Club) which indicates your residential address (and not P.O. Box number)
      • A bank reference that lists the residential address (not the P.O. Box number) of the applicant. Both confirmations of address must be either originals or be notarized by a notary public, or certified by a bank, accountant, lawyer or member of the judiciary or senior civil servant. If certified, the certifier should sign the copy document, printing his/her name clearly underneath, and clearly indicate his/her position or capacity on it together with a contact address and telephone number.
Please note: There might be slight variances of this information from time to time.

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