NIA CHARLESTOWN NEVIS (November 10, 2020) – Hon. Alexis Jeffers Deputy Premier of Nevis and Minister of Lands and Housing in the Nevis Island Administration (NIA) says persons can still benefit from the Mortgage Relief Scheme introduced by the Nevis Housing and Land Development Corporation (NHLDC) in 2014.
The Deputy Premier, addressing the Nevis Island Assembly on November 05, 2020, encouraged persons with mortgages at the Corporation to avail themselves of the opportunity to save on those loans.
“In terms of the mortgage relief scheme that we started some years ago, I want to say to those who are capable and able to do so, that relief scheme is still available…It is something to encourage persons, if they can, because there are tremendous benefits to doing so…”
“We would have had just about 29 persons who would have benefitted from that, and we’ve seen the realization of savings of $10,000 up to $38,000 in relief in that regard,” he said.
Mr. Jeffers explained that persons with mortgages through the NHLDC could apply to have that mortgage moved to a financial institution and get a discount of 15 per cent on the balance, have the Corporation pay the legal costs for the transfer of title.
“What that means is that you get your title. The title is in your name of course. You can use that title to do anything you want to do, whether you want to purchase a motor car, whether you want to send your child or children to school. You can refinance that mortgage. You can do so many things with that title.
“It is yours, and the power of having that title in your hand is the most important thing, and that is why we will encourage persons to still take advantage,” he said.
At present there are 58 persons who are paying a mortgage through the NHLDC.