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Property for sale in , St Philip
1 Bedroom Apartment
Price: 225,000 GBP
100% FUNDING IS AVAILABLE for this exclusive development comprising of Studios, 1 and 2 bedroom apartments, clifftop villas and cabanas. Resort properties have a 2 YEAR 10% RENTAL GUARANTEE, followed by 5 YEAR 50% ROOM RATE SHARE. These prestigious homes have the full use of the facilities of the 5 star Merricks Hotel and Spa, which includes swimming pools, tennis courts, etc., ideally located with its own beach and cliff top location in the stunning south east area of Barbados with only a 15 minute car journey to the International Airport. This is a fantastic opportunity for you to own a luxury apartment or villa in the Caribbean.
This property is available with the following number of bedrooms:
Studios From £225,000
1 Bedrooms from £ 265,000
2 Bedrooms from £ 325,000
Cabanas from £325,000
Plantation Houses from £695,000
Brief Details
Distance to Airport: 15 minutes
Distance to Beach: Front line
Completion Date: Up to 2010
100% FUNDING IS AVAILABLE (including the deposit)
Only 30% deposit, balance on completion
70% LTV guaranteed non-status mortgage available
Resort has a 2 YEAR 10% RENTAL GUARANTEE (including 30 days personal usage) followed by 5 YEAR 50% ROOM RATE SHARE
The East coast is known worldwide for its fabulous surfing, and for the ultimate Barbados surfing holiday Bathsheba is the place to go. Home of the famous "Soup Bowl", its a hot spot for local and foreign surfers alike. With prime conditions year-round, surfing is one of our most popular sports on the island and the east coast is one of the most popular places to surf. The east coast is sprinkled with some breathtaking rock formations on the land and natural rock pools for swimming, which are the only things that stand between Africa and the island. Cattlewash, another popular east coast location, is home to many holiday homes for locals and foreigners alike. These houses tend to be rustic in nature and a true break from "town life" and for a perfect Caribbean sunrise, the east coast is a must.
With only a 15 minute car journey to the International Airport there are many flights daily from all over the UK, including British Airways and Virgin from Gatwick, BMI from Manchester, as well as now many charter flight companies. Barbados’ Grantley Adams International Airport is on the island’s southern coast, 16km (10mi) southeast of Bridgetown. Over the next few years, the airport is undergoing massive expansion. It will be the main gateway to the south and southeastern Caribbean, especially for flights from Europe and from North American.
In season, a steel band and complimentary rum punch greet arriving passengers; a modest airport departure tax is the island’s kiss good-bye. Barbados was the only vacation destination in this Hemisphere with a scheduled Concorde service. One of the retired British Airways Concordes now resides at the airport.
FINANCIAL INFORMATION
PAYMENT EXAMPLE - 100% FINANCE AVAILABLE
Based on a Purchase Price of £200,000
To reserve a specific property you will need to pay a £1,000 non-refundable Reservation Fee
Within 45 days of reserving your property you will need to pay a 30% Deposit (Less the £1,000 Reservation Fee) which is £59,000 (£60,000 - £1,000)
Should you choose to borrow the 30% deposit (by way of either a secured or un-secured loan), the developer will pay the loan repayments, including interest, for the 30% deposit until completion of the specific unit you have reserved. These payments will then be added to the purchase price upon completion.
Example: Property price £200,000. £1000 reservation fee paid. The deposit = £200,000 x 30% = £60,000 - £1000 (reservation fee) = £59,000. Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,080 added to the purchase price upon completion.
Due to the significantly discounted off-plan contract price and the capital appreciation during the construction phase, it is anticipated that the £200,000 purchase price will have grown to a property value at completion of about £325,000
At this point a 70% "Loan to Value" guaranteed mortgage is available and you will therefore be able to borrow up to £227,500. This is clearly ample to pay for the £199,000 (purchase price less £1000 reservation fee) that you owe as well as to repay the payments that the developer has paid (£7,080 in the example above) towards your 30% deposit loan
Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow £227,500 on which the annual interest payment would be £18,200 based on a rate of 8%. The Rental Guarantee of 10% of your purchase price of £200,000 will generate you an income of £20,000 each year, should cover your mortgage payments. If you wish you could retain the £59,000 loan you took out for the deposit, pay the interest yourself each month, from completion onwards, and use the money to invest in a further investment property purchase
After 2 years the 10% Rental Guarantee will end. At this time you will be able to take advantage of the 50% Room Rate share which is estimated to be worth at least £40,000 per year cash flow
Stage payments are required during the completion phase which can be made as follows
The developers have an arrangement by which they will be making the payments on your behalf which is being supported by their bankers in the Caribbean.
The developers will be appointing an independant quantity surveyor who will be inspecting the works undertaken at each stage and on this report the bank will forward the developer the funds related to the work undertaken. The customer will be charged the interest only that relates to the amount of money that the bank releases. The interest rate will be the rate charged at the time by the bank.
This process gives you the peace of mind that the work is progressing well and that the bank is watching and looking after your investment.
Once the property is ready the 70% is due, which you can pay in full or within the six months prior to completion, can arrange a mortgage with the bank in the Caribbean.
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