Roy Hutchinson
AS THE Victoria Mutual Building Society (VMBS) looks toward its annual general meeting this week, the chairman of the society, Roy Hutchinson, has announced significant growth in its mortgage portfolio, for the year ended 31 December, 2005.
"Conventional mortgage loans grew by approximately 22 per cent, moving from $10.3 billion to $12.5 billion," noted Mr. Hutchinson. "The value of
disbursements amounted to $3.5 billion, an increase of 25.2 per cent over 2004. The number of loans disbursed also increased, the average value being $2.5
million."
HOME LOANS
The senior vice-president and chief credit officer at VMBS, Frank Harrison, pointed out that the the 127 year-old the society currently offers home loans at highly competitive rates with subsidised life insurance coverage, a benefit that no other mortgage lender provides. Moreover, he said, the Step-In Loan product which caters to first-time homebuyers makes this option at VMBS, an increasingly popular one.
In outlining some of the benefits of the product, he revealed that "the Step-In Loan product was designed to help first-time homeowners by offering them a more affordable repayment plan. It offers up to 90 per cent of the property value at an interest rate of 13.95 per cent per annum for up to $5.4 million."
The Step-In Loan can also be accessed in tandem with the National Housing Trust (NHT) mortgage benefits through the joint mortgage finance facility, making it a one-stop facility at VMBS. The society will liaise with NHT and process all the relevant paper work for borrowers, even if they do not require additional mortgage loan funds from VMBS.
USER FRIENDLY
With its large number of
customers residing in over 70 countries, across all social and economic groups, the VMBS mortgage loan process still remains user friendly. "In cases where all documents are in order, a loan can be approved in as little as one-three working days," Mr. Harrison pointed out.
"VMBS has provided mortgage financing for more Jamaican homebuyers than any other private lender and we are well prepared to continue this enviable tradition for future generations, " Frank Harrison stated.
