Recently, five local banks renewed their participation in the Government Guaranteed Home Assisted Mortgage programme.
The programme is targeted at first-time Caymanian home-buyers who have the income necessary to service a mortgage, but are unable to come up with the lump sum payment that is often required by banks.
Through the GGHAM programme, which is available to Caymanians on all three islands, qualified applicants have a portion of their mortgage guaranteed by Government, allowing them to obtain financing through participating banks.
During the previous agreement signed in November 2007, seven banks each agreed to $5 million over 5 years.
The programme, however, was more successful than initially projected, and within one year of the programme’s launch it was determined that there was a greater demand for funds.
Since the programme’s launch in 2007, the GGHAM programme has helped over 117 first-time Caymanians to realise the dream of home ownership.
In order to meet the demand of this programme, while recognising its benefit to the community, five of the seven banks agreed to double their amounts, making it $10 million each.
The banks who participated with Government in the resigning of the new GGHAM Agreement are: Butterfield Bank, Cayman National Bank, First Caribbean, Royal Bank of Canada, and Scotiabank & Trust.
The Leader of Government Business and Minister for Housing, Kurt Tibbetts, said: ‘During these uncertain economic times, this help is much appreciated and we look forward to working with our financial partners in assuring assistance to Caymanians who need it the most.’