Family Springboard mortgages

Terms range from 10 to 30 years.

To be eligible for the Family Springboard Mortgage:

• all applicants must be 18 years old or older 
• purchase property must be located within Bermuda
• must be a first-time home buyer 
• must not already own a property or have an outstanding mortgage with HSBC or any other entity

Your family member provides the security for your mortgage by offering collateral equal to or up to 20% of the property purchase price (required down payment).

Family members are able to provide security in the form of either cash or property (property must be located in Bermuda).

Investments are not eligible to be used as security.

The maximum cash or collateral value that can be provided by a family member is $500,000.

Cash security is eligible for credit interest (hold your cash in an interest bearing account such as the Quarterly Bonus Saver Account).

Your family member's security can be released after 5 years.

Lock in your rate and payments over a 5 year period by opting for the 5 year fixed rate.

When your fixed period ends the rate will automatically move to the prevailing market rate, unless you take the opportunity to renew for another fixed-rate term.

Interest on a BMD Mortgage is calculated on the basis that there are 365 days in the year, except for a leap year where there are 366.