Caribbean 100% Finance Scheme
* Only £1000 required until completion *
* Guaranteed mortgage upon completion *
Merricks Resort & Residence Buccament Bay Two Rivers Beach Resort The Hideaway |
- Barbados - St Vincent - Dominican Republic |
- £1000 non-refundable** reservation fee required for reservation of a specific property.
- 30% deposit required (Less £1000) within 45 days of reservation. Should you choose to borrow the
30% deposit, the developer will pay the interest only of the loan for the 30% deposit until
completion of the specific unit you have reserved. - Any interest paid by the developer will accrue and be added to the purchase price upon
completion. - Example: Reservation at £200,000. £1000 reservation fee paid. The deposit = £200,000 x 30% =
£60,000 - £1000 (reservation fee) = £59,000. - Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,080
added to the purchase price upon completion.
Due to the significantly discounted off-plan contract price and the capital appreciation during the construction phase, it is anticipated that the £200,000 purchase price will have grown to a property value at completion of circa £325,000. The development is scheduled for completion in March 2009.
At this point a 70% loan to value guaranteed mortgage is available and therefore you will be able to borrow up to £227,500. This is clearly ample to pay for the £199,000 (Purchase price less £1000 reservation fee) that you owe as well as the accrued interest of £7,080 (From the above example).
Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow £227,500 on which the annual interest payment would be £18,200 based on a rate of 8%.
There is a 2-year rental guarantee of 10% of your purchase price of £200,000, this will generate you an income of £20,000 each year, which covers your mortgage payments. After the initial 2-year rental guarantee of 10% per year, you can opt for a 5-year share of the room rate scheme, where you will receive an equal share of 50% of the income generated each month by all identical unit types. You will benefit from significant, regular monthly income whether your specific property is let or not.
Hopefully you have been able to follow the detail within the example and now clearly understand how it really is possible to invest with as little as £1000. Principal International would be delighted to answer any further questions you have regarding this exciting opportunity as well as helping you to make your reservation in the Caribbean. The team can be contacted on +44 (0) 1483 748629 / 0800 038 0000 or register here.
Merricks Resort & Residence : Buccament Bay : the Hideaway : Two Rivers Beach Resort
** Refundable only if the 30% deposit funding cannot be offered to you.
