HomeBusiness DigestBeverley mortgage rates up again

Beverley mortgage rates up again

Ngoni Chanakira

BEVERLEY Building Society (Beverley) has increased mortgage rates with effect from May 1.

Property market analy

sts said this could be the beginning of increases in mortgages throughout the country.

Commercial and industrial mortgages have increased to 130%.

Beverley said non-owner occupied residential properties now also attract a 130% interest rate.

Non-trading companies and trusts, sports clubs, schools, religious and charitable organisations, non-owner occupied residential properties would attract an interest of 90%, while owner-occupied residential properties would attract 70%.

Beverley said owner-occupied high-density residential properties where the loan amount was $100 000 or less would attract a mortgage rate of 80%, while vacant residential land, 90%.

Any individual benefitting from the Usaid scheme would now have to pay a mortgage of 14,25%.

Beverley advanced $9,844 billion to 1 684 applicants for the year ended June 30.

The building society says this was an increase from the $4,860 billion issued during the previous year.

Beverley said of this amount $5,287 billion went to those either buying or building their own homes, and $2,616 billion approvals went towards the commercial and industrial sector.

It said a total of 495 applications were in respect of high-density properties.

Mortgage balances increased by $5,885 billion to $11,912 billion with arrears representing 0,48% of the total amount. The building society said last year arrears represented 0,38% of the total amount.

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