Govt Highlights Mortgage Guarantee Programme
The Bermuda Government has released a video highlighting its Mortgage Guarantee Programme, a “joint venture with the Bermuda Commercial Bank designed to make homeownership more affordable for many Bermudians.”
A Government spokesperson said, “The Mortgage Guarantee Programme not only cuts the standard down payment requirement for a mortgage in half and offers a preferred interest rate starting at 5% but now, as part of Phase 2 of the Programme, all public officers are eligible to transfer their mortgage into the programme as well and receive the preferred interest rate.
Premier and Minister of Finance David Burt said, “I am pleased to see the Mortgage Guarantee Programme has successfully provided dozens of young Bermudians their first home with dozens more expected in the coming months.
The Government spokesperson said, “The Government is committed to building a nation of owners and therefore it is key we continue to provide opportunities for Bermudians to enter the property ladder so they can begin to build their wealth for future generations.”
