Govt Expands Mortgage Guarantee Programme
Starting on April 1, the Government will expanding Phase 2 of the Mortgage Guarantee Programme to “include employees of Government quangos and part-time Regiment soldiers who will now also be eligible to transfer their mortgages into this programme,” Premier David Burt announced in the Budget,
The relevant extract of the 2024 Budget statement said, “In the Government’s 2020 election platform, we pledged to work with local banks to provide security for mortgage loans to reduce the interest rates charged. In October 2022, the Government launched its Mortgage Guarantee Programme where the Government provides a partial guarantee to support local mortgages with Bermuda Commercial Bank.
Government Ministers and MPs after the budget on Friday:
“In return, the Bank is offering a reduced interest rate, starting at 5%, and also a reduced down payment requirement from the standard 20% to 10%. 12 With this programme we are not only reducing a first-time homeowner’s monthly repayments but also reducing the down payment requirement as well, making it more affordable for Bermudians to own their own home.
“We are currently in the second of three phases where any first-time home buyer, no matter their age, is eligible. Also, as part of the second phase, all public officers with existing mortgages at other institutions are eligible to transfer them to the Bermuda Commercial Bank and participate in the programme.
“I am also pleased to announce that beginning April 1 we are expanding Phase 2, to include employees of Government quangos and part-time Regiment soldiers who will now also be eligible to transfer their mortgages into this programme.
“To date, over 49 applicants have been approved and are on the path to home ownership. That is 49 Bermudians, and counting, who are able to own their ‘piece of the rock’ who may otherwise not have been able to do so without the forward-thinking policies of this Progressive Labour Party Government.”
You can read a full copy of the 2024 Budget speech here and view all our coverage of the 2024 Budget here.
But this article does not identify any cost associated with buying more votes. Surely no bank is doing this as a gift to the PLP Government!
This provides great opportunities for individuals and families to join the property ladder!
What a corrupt picture!