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Victoria Mutual reduces mortgage rates for property purchases in Jamaica

KINGSTON, Jamaica – The Victoria Mutual Building Society (VMBS) has announced reduced interest rates for new and existing mortgages. In a release issued today, the institution stated that effective immediately, it has introduced special rates of 9.39% for new Jamaican dollar mortgages and 6.85% for foreign exchange mortgages in USD, CAD and Sterling. The move signals the beginning of Victoria Mutual’s ‘Jamaica 50’ celebrations.

The Special Offer is slated to run until August 31, 2012 and allows first-time purchasers and individuals who switch to Victoria Mutual to enjoy a special J$ interest rate of 9.39% and a foreign exchange rate of 6.85% per annum. In addition to the reduced interest rates, persons can take advantage of the added benefits of no processing/commitment fees and a 50% discount on valuations done by Victoria Mutual Property Services.

Richard Powell

President and CEO, Richard Powell stated, “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. 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, 2012, loans which are current or 30 days or less in arrears for the last 6-months, will enjoy a 0.5% reduction in their interest rate. Mr. Powell added that 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 goal of homeownership.

In keeping with market conditions, VMBS has consistently its lowered mortgage rates for new and existing loans. Indeed, since 2010, the institution has reduced mortgage rates on six occasions.

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