VMBS offers cut in mortgage rates for customers

    The Victoria Mutual Building Society (VMBS) announced Wednesday that it cut interest rates on new mortgages by 2 percentage points. 

   The rate cut means that VMBS savers will access mortgage loans for 10.4%, while non-savers will get loans at 11.99%. 

     The mortgagor says interest rates on all other categories of loans will be cut by the same 2 percentage points, on June 1. 

     However, the company says if a mortgagor's account is not up to date, it will reduce the loan rate by only a half a percentage point...and allow  three months for the account to be brought up to date, to benefit from the further one and a half point cut. 

     VMBS, in announcing the rate cut, said it hoped it would help its customers who are experiencing difficulty in meeting their monthly mortgage obligations.