Basseterre,St.Kitts September 14 2020 (SKNVIBES)
Mortgage delinquencies are spiraling upwards around the world due to the Covid-19 pandemic, thus leaving a further strain on the financers and our economic systems. One can assume that we, globally, will experience a market crash at some point.At NHC, mortgage delinquencies have been climbing pre-Covid-19. Overall, the rate of delinquencies is just over 40%, which is a large percentage when compared to the loan portfolio.Despite the government’s Stimulus package and other poverty alleviation strategies.
How do we justify people not paying their mortgage, pandemic or no pandemic? Persons who are qualified for a home mortgage through NHC are “usually” considered persons who are in a lower income bracket. Hence, their interest on the loan will range from 2% to 5%, the down payment is minimal to nothing at all with a repayment period of 30 years that provides for a very low monthly payment. So, to answer the question above, the answer is simple; there is no justification for not paying your mortgage, at NHC that is.
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