Dear Sir,

I am a young, working-class Bermudian with a small family. Like many before me, I wish to one day have my own little piece of paradise. The problem is that no financial institution gives zero-down financing of any sort, especially not for mortgages.

Rent-to-buy is a foreign concept to Bermudians and most people just want their money one time. In the UK there is a government-run scheme in place, which offers reasonable rent-to-buy options.

Just two years ago, I paid $18,000 towards a landlord’s mortgage. We then moved into a larger apartment and paid $27,720 to our new landlords. This year we will pay the same landlords an additional $27,280 towards their mortgage.

Over the next 30 years, we stand to pay nearly $800,000 on someone else’s mortgage, while being “ineligible” to have our own mortgage.

Even through the “HomeStart” programme I only qualify for a maximum of $200,000, which in Bermuda means nothing.

This is all very overwhelming and disheartening to say the least.

A. HAYWARD