Another mortgage institution has announced that it will
be increasing its rates.
Victoria Mutual Building Society (VMBS) on Friday announced increased rates for new mortgage loans effective March one.
The increases come against the background of the effect of the recent increases by the Bank of Jamaica on open market instruments.
The new rates will range from 13.5 per cent to 13.99 per cent.
President of VMBS Richard Powell says in recognition of the increased difficulty that prospective homeowners face with increased rates, the institution has sought to provide options within a limited interest rate band to facilitate repayment terms.
On Monday, Jamaica National Building Society adjusted interest rates on new mortgages to 13.5 per cent for members and 13.75 per cent for non-members.
The adjustments represent a less than one per cent increase.
The decision also followed a 2.5 per cent hike in interest rates on open market instruments by the Central Bank during the past four weeks.
This has forced mortgage institutions to review their lending portfolios.
Victoria Mutual Building Society (VMBS) on Friday announced increased rates for new mortgage loans effective March one.
The increases come against the background of the effect of the recent increases by the Bank of Jamaica on open market instruments.
The new rates will range from 13.5 per cent to 13.99 per cent.
President of VMBS Richard Powell says in recognition of the increased difficulty that prospective homeowners face with increased rates, the institution has sought to provide options within a limited interest rate band to facilitate repayment terms.
On Monday, Jamaica National Building Society adjusted interest rates on new mortgages to 13.5 per cent for members and 13.75 per cent for non-members.
The adjustments represent a less than one per cent increase.
The decision also followed a 2.5 per cent hike in interest rates on open market instruments by the Central Bank during the past four weeks.
This has forced mortgage institutions to review their lending portfolios.
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