Victoria Mutual launches 100% mortgage solution for specialised groups
Friday March 29, 2019
Victoria Mutual Building Society has launched a 100% Mortgage Solution for Specialised Groups. The new mortgage product, which aims to help more Jamaicans achieve the goal of home ownership, was launched at a press conference held on Friday March 29, 2019 at the Courtleigh Hotel, New Kingston.
President and Chief Executive Officer (CEO) of the Victoria Mutual Group Courtney Campbell said the new product was in keeping with Victoria Mutual’s commitment to helping Jamaicans own their homes and achieve financial independence.
He explained that the 100% Mortgage Solution for Specialised Groups would benefit persons who have both the ability and the discipline to service a mortgage loan but have been unable to access a mortgage benefit due to financial constraints. This group includes ambitious self-employed persons with micro businesses, such as plumbers, electricians, hairdressers, taxi owners and contract workers.
“We don’t believe that they should be denied the joys of home ownership. So, we came up with a solution,” said Campbell. “The 100% Mortgage Solution for Specialised Groups demonstrates our commitment to making home ownership accessible to more Jamaicans,” he added.
Campbell noted that two years ago, Victoria Mutual launched 97% mortgage financing and that this new solution is another step to help more persons to own their homes.
Victoria Mutual has set aside $1.4 Billion to fund this offer, in its 140th year of operations and as part of its mission to increase the number of Jamaicans who own their homes.
Vice President – Sales and Service at Victoria Mutual Building Society Paul Elliott explained that borrowers can access up to J$15m to purchase residential property and up to J$3m to purchase land, at an interest rate of 8.5% per annum. The product offers a flexible repayment schedule – weekly, fortnightly and monthly.
“Victoria Mutual will partner with Members along their journey, providing the financial education and guidance they need,” he said. “This is in keeping with VM’s key differentiator of empowering our Members through education because we care.”
About the Victoria Mutual Group
Victoria Mutual Group offers Savings, Loans and Mortgage Facilities, Wealth Management and Financial Advisory Services, Real Estate and Commercial Property Management Services, Money Transfer Services, Pension Administration and Investment Management Services as well as Property, Casualty and Liability Insurance. These are offered through Victoria Mutual Building Society (VMBS), Victoria Mutual Wealth Management Limited (VMWM), Victoria Mutual Pensions Management, Victoria Mutual Money Transfer Services (VMTS), Victoria Mutual Property Services (VMPS) and affiliate company British Caribbean Insurance Company (BCIC).
Assistant Vice President, Group Corporate Affairs and Communications
Cell: (876) 383-2724