FAQ’s
Tell me about the mortgage and solicitor fees.
We are working with one of the UK’s best independent international mortgage brokers, they have sourced one of the best rates available. This is an interest only mortgage which is at 2% above LIBOR meaning that it is currently around 7.3%. Availability is subject to status.
How much are your fees and when are they due?
There is no fee due to us as long as you use our solicitors and mortgage consultants.
How much will it cost me to buy?
You only need to put down £2500 to reserve your property and then nothing until completion. A secured loan will be taken out on your UK property or properties to secure the 15% deposit; the developer will pay a monthly payment up to £800 per month until build completion to cover the cost of your loan.
How do I know these market prices are realistic?
We spend a lot of time researching the marketplace looking for the right deals for our investors. When we find a deal we put it through a rigorous evaluation process one part of which is to check comparables. The page of comparables that you will find the brochure will help to confirm our belief that this deal is significantly below market value.
How much will the deposit be?
The deposit is 15% of the purchase price but you will not need to pay it. We have an arrangement which means the deposit is paid using a loan, and the interest paid by us.
What due diligence do I need to do?
You should always carry out your own due diligence to support your investment decision. The amount of due diligence is an individual decision based on your experience, time, and risk profile. We suggest that you undertake as much as you can. We want you to be happy with your investment and to continue using us to source deals in the future. We feel confident that the deals we offer will stand up to detailed scrutiny.
What are the other fees associated with this purchase?
The only fees associated with this purchase are your purchase price, and the solicitor’s fees. Mortgage brokers, stamp duty and sourcing fees are all taken care of.
Can I be 100% sure that this will be a no money down deal?
No. However in putting together this deal we have made a number of assumptions based on our own research. We feel that the entry price of these units and growth in the Bahamas is such that achieving a ‘no money down’ position is the most likely outcome. In the event this doesn’t happen the investor will need to fund any shortfall themselves.
What risks should I be aware of when buying off-plan.
As with any investments buying off-plan carries a level of risk. These may include a change in interest rates or a change in the rules of how a mortgage can be obtained. This is set against the benefit of buying significantly below market value and the potential for capital growth during the build phase. It is up to each investor to weigh up the potential impact of these risks on their own situation and then make a commercial decision.
How do I know I will qualify for a BTL mortgage and the deposit guarantee?
If you can answer ‘yes’ to these three questions then you should be fine
1. Do you have a good credit history?
2. Do you have an existing residential mortgage?
3. Can you prove three year’s income of at least £25,000 (singly or jointly)
If you answer ‘no’ to one or more of these questions it may still be possible for you to go ahead, but you would need to have your specific situation considered in more depth by the mortgage brokers before confirming your eligibility.
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