100% mortgages for new Government houses

MONDAY, MAR. 12: Special 100 per cent mortgage deals will be on offer to first-time buyers at a new housing development, Public Works Minister Michael Weeks said today.

Mr Weeks added that Government had struck a deal with the Bank of Butterfield to provide the mortgages to qualified buyers at the Grand Atlantic site on South Shore Road, Warwick.

He said: “While the Government has appreciated the challenges in the mortgage market, we realise there is still need for innovative and flexible ways for those desirous of owning their own home to successfully achieve that dream.”

Mr Weeks said that the development will be built in three phases, with the first 24-apartment phase having been given occupancy certificates.

The second phase of 27 apartments will be ready by this summer, with the final phase, also of 27 homes, available next year.

Prices at Grand Atlantic start at $495,000 for a two bedroom apartment to $560,000 for a three bedroom apartment, both with garden views.

Prices for ocean view apartments range from $560,000 for a two bedroom apartment up to $665,000 for a three bedroom home with alternative energy to cut down on fossil fuel use.

Mr Weeks said: “The Government is extremely pleased to have partnered with Mr Gilbert Lopes of Atlantic Development to bring this project to fruition and to assist Bermudians who are keen to purchase their own home or those wishing to downsize from their present accommodation to a spectacular beach view unit.”

Mr Weeks added: “The Grand Atlantic project follows the successful initiatives of the Loughlands Development in Paget built for middle income earners and the Harbour View Development built specifically for Lottery winners in Southside, St. David’s that targeted average to lower income Bermudians.

“With this magnificent Grand Atlantic project, the Government has made another significant impact on easing the housing issues facing residents in the island of Bermuda.