President and CEO of the VM Group, Courtney Campbell (front left), explains to beauty therapist at the Heart College of Beauty Services, Jo-Hannah Owens (centre), how she can become a homeowner under the specialised groups mortgage offer. Looking on are VM Group Chief Customer and Brand Officer, Judith Forth Blake (right); VM Vice-President for Sales and Service, Paul Elliot, and President of the All Island United Route Taxi Association, Raymond Bynes. The product launch took place at the Courtleigh Hotel in New Kingston on Friday, March 29. (Photo: Norman Thomas)

VICTORIA Mutual Building Society, known for its financial solutions to assist Jamaicans in acquiring a house, has rolled out a mortgage product that allows self-employed individuals within the microbusiness sector to access 100 per cent financing for home ownership.

The solution, which the company describes as “revolutionary” is targeted at 100,000 contract workers, self-employed people and employees of the construction, beauty, public transportation sectors who have not previously accessed housing benefit.

“This group includes ambitious self-employed persons such as electricians, hairdressers, plumbers and taxi drivers who are now paying rent,” President and CEO of the VM Group, Courtney Campbell said during the launch of the specialised group mortgage solution last Friday.

In looking at the existing offerings, Campbell said VMBS identified a core group which was not being catered to, despite their ability and the discipline to service a mortgage loan.

“Maya Angelou wrote, ‘The ache of home lives in all of us…’. These words accurately reflect on our belief at VM that home ownership is for everyone. It’s not only for the privileged, and it’s not only for those who can tick a specific set of boxes on a form…,” he continued.

VMBS has set aside a pool of $1.4 billion for the mortgage solution. Effective immediately, borrowers will be able to access up to $15 million to buy residential property and up to $3 million to purchase land. The funds will be disbursed at an interest rate of 8.5 per cent per annum over a 30-year period.

It means that a borrower looking to access $12 million for a house will be required to pay approximately $92,000 per month or $23,000 per week.

http://www.jamaicaobserver.com/sunday-finance/vmbs-targets-the-self-employed-with-new-mortgage-offer_160907