Summary
 Property ID | : | 265 |
| Currency | : |
£ GBP |
| Listing Type | : |
For Sale |
| Prices From | : |
795,000
|
| Category | : | Villas |
| Locality | : | Merricks Cove |
| County/Municipality | : | Merricks Cove |
|
Details
| Land type | : | Freehold |
| Bedrooms | : | 3 |
| Bathrooms | : | 2 |
| Parking | : | Yes |
| Closest town | : | Merricks Cove |
| Transport | : | Merricks Cove |
| Views | : | Sea & Beach |
Features
| Pool | : | Yes |
| Climate Control | : | Yes |
| Built in Wardrobes | : | Yes |
| Car Parking | : | Yes |
| Sea Views | : | Yes |
| Close to shops | : | Yes |
| Close to Amenities | : | Yes |
| Near Golf | : | Yes |
|
Description
Exclusive development called the Merricks Hotel, Spa and Residence comprising of Studios, 1 and 2 bedroom apartments, clifftop villas and cabanas.
The benefit of buying one of these prestigious homes is that they 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. There are many flights daily from all over the UK, which include British Airways and Virgin from Gatwick, Manchester with BMI as well as Virgin, and now many charter flight companies.
This is a fantastic opportunity for you to own a luxury apartment or villa in the Caribbean.
We are pleased to confirm that mortgages are available in the Caribbean up to 70% LTV, subject to status.
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.
100% Finance - only £1000 required until completion!
This is an excellent opportunity to invest in a brand new property in barbados with only £1000 required. See the example process below:
- £1000 non-refundable reservation fee required for reservation of a specific property.
- 30% deposit required (less £1000) within 45 days of reservation. Should you choose to borrow the 30% deposit, 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 (Sterling): 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.
Example (US Dollar): Property price $370,000. $2000 reservation fee paid. The deposit = $370,000 x 30% = $111,000 - $2000 (reservation fee) = $109,000. Interest on $109,000 @ 6% p.a. = $545 per month, paid for 24 months by the developer = $13,080 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 ($370,000) purchase price will have grown to a property value at completion of circa £325,000 ($601,250)
At this point a 70% loan to value guaranteed mortgage is available and therefore you will be able to borrow up to £227,500 ($420,875). This is clearly ample to pay for the £199,000 ($368,000) (purchase price less £1000 ($2000) reservation fee) that you owe as well as the accrued interest of £7,080 ($13,080) - from the above example.
Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow £227,500 ($420,875) on which the annual interest payment would be £18,200 ($33,670) based on a rate of 8%. The rental guarantee of 10% of your purchase price of £200,000 ($370,000) will generate you an income of £20,000 ($37,000) each year, should cover your mortgage payments. If you wish you could retain the £59,000 ($109,150) 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.
We would be delighted to answer any further questions you have regarding the exciting opportunity as well as helping you to make your reservation in the Caribbean.
Subject to status and conditions apply - please contact us for further information. If cases where we are unable to obtain finance for you, we will be prepared to refund the £1,000 ($2000) reservation fee. |
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Property for Sale
