Caribbean property for sale - 1 Bedroom Penthouse Apartment in Barbados

Property Description

Own a Caribbean property on the luxury 5-star Merricks Hotel Spa and Residence in Barbados from as little as £295,000 - £310,000

100% Finance available on these properties as follows:

The 100% finance scheme works as follows:

Example based on £200,000 property

Reservation deposit                £1,000

30% After 45 days                 £60,000          Note 1 below   

70% Guaranteed mortgage      £227,500       Note 2 below  

2 Years guaranteed rental        £40, 000        Note 3 below   

50% Rental share thereafter     £59,000 pa.    Note 4 below   

Estimated mortgage cost          £18,000 pa     Note 2 below  

How it works

A £1,000 non-refundable fee is only needed for the reservation of a specific property.

Note 1 An additional 30% deposit is then required (less £1,000) within 45 days of reservation. Should you choose to borrow the 30% deposit; the developer will pay the loan repayments, including interest, for this deposit until completion of the specific unit you have reserved. The interest element of these payments will then be added to the purchase price upon completion. (Example, Property price £200,000. £1,000 reservation fee paid. The deposit = £200,000 x 30% = £60,000 - £1,000 (reservation fee) = £59,000. Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,200 added to the purchase price upon completion).

Due to the significantly discounted off-plan price and the likely capital appreciation during construction, it is anticipated that the £200,000 purchase price will have grown in value, on completion, to circa £325,000

Note 2 At this point a guaranteed 70% loan to value mortgage is available and you will, therefore, be able to borrow up to £227,500 against the £325,000 valuation.  This is ample to repay the outstanding £140,000 (the purchase price less £60,000 deposit paid) as well as the accrued interest of £7,200 and to repay any loans used to finance the £60,000 deposit.

Assuming you borrowed the maximum loan to value i.e. £227,500 the annual interest would be £18,200 based on a rate of 8%.

Note 3 The rental guarantee of 10% (payable in the first 2 years following completion), based on the purchase price of £200,000 will generate an income of £20,000 p.a., which is sufficient to cover your loan interest charges.

Note 4 Alternatively you could retain the £59,000 loan taken out for the original deposit, pay the interest yourself each month, from completion onwards, and use it to invest in a further investment property purchase.

You are free to sell your property at any time, although you are likely to receive an optimum price once your unit has been built and you are in receipt of a guaranteed income stream.

Any recipient of this document who is in any doubt about the investment to which this document relates should consult an authorised person specialising in investments of this kind.

Owners of these units will have full use of all the facilities within the Merricks Hotel and Spa which include swimming pools, tennis courts and the spa itself.  The development is situated in the stunning south eastern corner of Barbados, atop cliffs and it has its own private beach.

Flights from the UK to the International airport in Barbados (a mere 15 minutes car journey away) are available on British Airways, Virgin, BMI and many charter airlines too.  With the Caribbean so popular for holidays these apartments make ideal investment properties with year-round rental potential.

Own your own piece of the Caribbean in Barbados on a luxury resort with all the amenities you'll need.

This is a fantastic opportunity for you to own a luxury apartment or villa in the Caribbean.

Contact us today to discuss Caribbean property.  Read more around our web site including the articles on Caribbean property, Living in Caribbean, Caribbean property prices etc.

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