This is an excellent opportunity to invest in a brand new property in any of the above locations with only 1000 ($2000) required. See the example process below:
1000 ($2000) non-refundable reservation fee required for reservation of a specific property.
30% deposit required (less 1000 ($2000)) within 45 days of reservation. Should you choose to borrow the 30% deposit, the developer will pay the loan repayments, including interest, for the 30% deposit until completion of the specific unit you have reserved. These payments will then be added to the purchase price upon completion.
Example (Sterling): Property price 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.
Example (US Dollar): Property price $370,000. $2000 reservation fee paid. The deposit = $370,000 x 30% = $111,000 – $2000 (reservation fee) = $109,000. Interest on $109,000 @ 6% p.a. = $545 per month, paid for 24 months by the developer = $13,080 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 ($370,000) purchase price will have grown to a property value at completion of circa 325,000 ($601,250)
At this point a 70% loan to value guaranteed mortgage is available and therefore you will be able to borrow up to 227,500 ($420,875). This is clearly ample to pay for the 199,000 ($368,000) (purchase price less 1000 ($2000) reservation fee) that you owe as well as the accrued interest of 7,080 ($13,080) – from the above example.
Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow 227,500 ($420,875) on which the annual interest payment would be 18,200 ($33,670) based on a rate of 8%. The rental guarantee of 10% of your purchase price of 200,000 ($370,000) will generate you an income of 20,000 ($37,000) each year, should cover your mortgage payments. If you wish you could retain the 59,000 ($109,150) loan you took out for the deposit, pay the interest yourself each month, from completion onwards, and use the money to invest in a further investment property purchase.
We would be delighted to answer any further questions you have regarding the exciting opportunity as well as helping you to make your reservation in the Caribbean.
Other benefits, no income tax, no capital gains tax, no inheritance tax !!!