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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
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
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