Richard Powell
Richard Powell

VMBS drops mortgage rates to mark Jamaica’s 50th anniversary

By Admin Friday March 30 2012 in Caribbean
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KINGSTON, Jamaica: The Victoria Mutual Building Society (VMBS) has announced reduced interest rates for new and existing mortgages.



Effective immediately, special rates of 9.39 per cent apply to new Jamaican dollar mortgages; foreign exchange mortgages in USD, CAD and Sterling are eligible for a lower rate of 6.85 per cent.



The special offer, which comes as part of Victoria Mutual’s ‘Jamaica 50’ celebrations commemorating Jamaica’s 50th year of independence, is slated to run until August 31. Until then, first-time purchasers and those who switch to Victoria Mutual, can enjoy a special interest rate of 9.39 per cent and a foreign exchange rate of 6.85 per cent per annum.



In addition to the reduced interest rates, individuals can take advantage of the added benefits of no processing fees or commitment fees and a 50 per cent discount on valuations conducted by Victoria Mutual Property Services.



“Victoria Mutual sees this as an excellent way to provide value to persons seeking to acquire residential properties during this milestone period of our nation’s 50th year of independence,” says VMBS president and CEO, Richard Powell. “The move is indicative of our sustained commitment to meet and respond to the needs of our members.”



Regarding existing mortgages, the institution has advised that effective April 1, loans which are current or less than 30 days in arrears for the last six months will enjoy a 0.5 per cent reduction in their interest rates. Powell said the new rates and the adjustment across the mortgage portfolio are a further manifestation of Victoria Mutual’s pledge to enhance the financial security of its members and to assist Jamaicans from all walks of life to realize their goals of homeownership.



In keeping with market conditions, VMBS has lowered its mortgage rates for new and existing loans six times since 2010.

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