Barbadians are enjoying the lowest mortgage rates in the last ten years.
And, president of the Barbados Banking Association, Donna Wellington, said contrary to popular belief, interest rates on those mortgages had not gone up across the board.
Barbadians are also defaulting less on their payments for all loans, in spite of the country’s turbulent economic situation.
“The latest available data for the Central Bank of Barbados shows non-performing or delinquent loans as a percentage of total loans at 8.8 per cent,” Wellington revealed in a recent interview.
“This means that for every $100 borrowed from commercial banks, borrowers of $8.80 are not repaying their loans as agreed. This percentage is down from 10.6 per cent in 2015.”
Wellington did say, however, that data for mortgages specifically was not available from the Central Bank. (BA)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.
