Open doors with Cayman National
Originally Published in the Journal | View as a PDF
Homeownership in the Cayman Islands goes beyond necessity to signifying success and prosperity through hard work and determination. With interest rates at all time lows and the rapid development in the Cayman Islands over the years now is the time to invest in your future home. Homeownership in the Cayman Islands is increasingly growing as the current market conditions are no doubt in a home buyer’s favor and is still considered the best avenue for capital appreciation. So what are you waiting for?
What are the benefits?
Homeownership is not only a great financial
investment with a highly positive financial impact but
more so an individual achievement which will serve as
a place to grow either individually or as a family. The
feeling of pride in ownership is unsurpassed when you
are able to unlock your door to the future. Whether
you are buying undeveloped land, purchasing a house
or constructing a new home Cayman National Bank is
ready to make your vision a reality. We offer lending
solutions for your financial needs.
Our people
At Cayman National our people are our biggest asset. The entire lending team at Cayman National has been trained extensively in order to ensure that they meet and exceed service expectations. The diverse and extensive range of banking experience enables our staff to exude a commitment to customer service, positive mind-set and ‘can-do’ attitude - all to best serve our customers. We listen to our clients and help them choose financial solutions that best fit their needs. We strive to provide customers with a unique banking experience each time they visit us.
Financing your future
Everyone has very different financial situations
and borrowing requirements and Cayman National is
geared to financing options that are tailored to clients’
needs. Our team works with clients to determine what works best for them with regard to the structure
and terms and conditions of financing solutions. Our
mortgage service does not stop with the mortgage. In
an effort to safeguard your property, we also provide
100% financing to qualified homeowners for hurricane
shutters. As the local bank of choice we also encourage
our customers to go green for a brighter tomorrow. We
offer ‘green financing’ for purchasing items such as
solar panels, installing a propane system or propane
appliances. Cayman National provides competitive
mortgage rates to qualifying individuals.
General Requirements
You know where you want to go; Cayman National can help you get there. See our list of requirements below to begin your journey with us to acquire or build your future home:
- Completed Personal Mortgage Application including Statement of Affairs/Financial Statement.
- Verification of employment letter and net income.
Note: For non–residents, we also require two years Tax Returns together with a recent credit bureau report–preferably from Equifax. - A photocopy of a current Work Permit (if applicable for residents).
- If you own your own company or a controlling
interest in a company, we 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. - Copy of signed offer to purchase indicating purchase price, closing date, and whether total costs include stamp duty, legal, application or other fees.
- Verification of source of down payment and closing costs – i.e. bank and/or investment statement showing funds available.
- For construction mortgages we 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
- An invoice confirming the cost of Contractor’s All Risk Insurance
- A current valuation/appraisal of the property to be purchased by one of Cayman National’s approved valuators as follows:
- BCQS Ltd. Chartered Quantity Surveyors
- JEC Building Consultants Ltd.
- Integra Realty Resources - Caribbean
- DDL Quality Surveyors
- Bould Consulting Ltd
- Blue Point Consultants Ltd
- Charterland Limited
- Moses Kirkconnell/Kirkconnell Investment & Development Co. Ltd
- Mark Knowlton
- Life insurance on the life of each borrower for at least the amount of the mortgage, with policy assigned to and held by Cayman National Bank.
- Fire and Hurricane insurance, if not covered under the strata/homeowners association.
- A commitment fee of 1% of the amount being borrowed, payable upon acceptance of the Letter of Offer.
