Up Front
Barclays joins Guaranteed HomeMortgage Scheme
(Left-right) Mr. Peter Hinson;Ms. Sheena Glasgow; the Governor, Mr. Peter Smith; Mr. AndrewWilliams; and Mr. Graeme Skinner.
With the signing of an agreementby His Excellency the Governor, Mr. Peter J. Smith, CBE and bankingrepresentatives, Messrs. Andrew Williams, Peter Hinson, and GraemeSkinner on October 26, Barclays Bank PLC joined the Cayman IslandsGovernment Guaranteed Home Mortgage Scheme.
The scheme seeks to help low to upper middle-income Caymanianswho wish to become home owners, but have not accrued sufficientsavings for a down payment, to access loans . In this instance,the government will guarantee the upper level of the mortgagefor up to 35 percent of the value of the principal.
However, the maximum amount for which a borrower may qualify cannotexceed CI$150,000. This sum may be inclusive of all costs andis repayable over a period not exceeding 20 years.
Says Mr. Hinson, who is the Bank's director: "We are delightedto join this scheme, which underlines our commitment to work withGovernment to further the development of the Cayman Islands. Itallows Caymanians a wider selection of mortgage providers andhelps them to take the first step towards owning their own property."
He noted that Barclays' mortgage business is being efficientlymanaged by Mr. Williams, himself a Caymanian, who understandsthe difficulties faced by young people wanting to purchase theirfirst home.
Mr. Williams, who said he is looking forward to helping fellow-Islandersachieve home ownership, pointed out that the loan scheme alsoextends to land purchases. "We are also able to assist withattractively-priced loans for furniture and fittings," Mr.Williams said.
Located in George Town, Barclays brings to four the number ofbanks participating in the scheme. The three others are C.I.B.C.Bank & Trust, Bank of Butterfield and British American Bank.
Witnessing the signing was Assistant Secretary for the Ministryof Agriculture, Communications Environment and Natural Resources,Ms. Sheena Glasgow.