Island needs some rent-to-buy options
I am a young, working-class Bermudian with a small family. Like many before me, I wish to one day have my own little piece of paradise. The problem is that no financial institution gives zero-down financing of any sort, especially not for mortgages.
Rent-to-buy is a foreign concept to Bermudians and most people just want their money one time. In the UK there is a government-run scheme in place, which offers reasonable rent-to-buy options.
Just two years ago, I paid $18,000 towards a landlord’s mortgage. We then moved into a larger apartment and paid $27,720 to our new landlords. This year we will pay the same landlords an additional $27,280 towards their mortgage.
Over the next 30 years, we stand to pay nearly $800,000 on someone else’s mortgage, while being “ineligible” to have our own mortgage.
Even through the “HomeStart” programme I only qualify for a maximum of $200,000, which in Bermuda means nothing.
This is all very overwhelming and disheartening to say the least.
Poisoning caused by fish toxin on rise
Barrister accused of conflicting interests
Paediatrician changes role after 37 years
Bermudian workers to fore at St Regis hotel
‘The PLP must focus on leading’
Mother’s Day bash costs woman $1,500
Premier praised for financial management
Take Our Poll