There is a level playing field for prospective home owners and investors. Banks welcome overseas clients and many offer great mortgage packages. Interest rates are quoted based on the CI and US dollar prime rates published in Cayman’s retail banks. Banks will usually require a deposit of between 10%-35% as a contribution towards the purchase price or construction cost. Unlike the UK, interest-only mortgages do not exist in Cayman. It’s worth looking around at the different deals banks on island offer before making a decision as even a slight variance in interest rates can make a huge difference in the long run. Once decided, it is recommended you set up a meeting with your chosen bank to determine the best possible rates and terms that can be offered.
Many banks require a life insurance policy for mortgages. Your loan’s officer will advise you if this is a requirement. Standard mortgage terms are usually between 10 to 15 years and can be taken out in either CI or US dollars.