In his Independence Day speech back in September -Prime Minister Dean Barrow promised middle class relief by making mortgage payments for December.
Well, December is here, and today the details of the programme were announced. First of all, not everyone qualifies.
First off, the original value of your mortgage has to be no more than one hundred thousand dollars. Secondly, your loan can be from any of the commercial banks, the national bank, the credit unions, the DFC or Social Security.
Thirdly, only residential mortgages for new home construction will qualify - meaning that mortgages for home improvement do not qualify. And the mortgages must be legally registered.
If you meet these qualifications - then you can apply. Government estimates that there are 7,405 such mortgagors in the country.
So how does it work. Well, the government will pay all qualified borrowers a sum equal to their December mortgage payment. So you pay the bank or credit union, and then government pays you.
How do you do it? Well, the three page forms are available online at the ministry of finance website at mof.gov.bz or you can pick one up at your local treasury office.
Government estimates that the unusual initiative will cost just over 3 million dollars.
Application forms for residential mortgage payment program now available
With government rolling in millions of dollars, at least two hundred and fifty million, in Petrocaribe funds, the Barrow Administration is making on a promise made on Independence Day to offer interest and principal payments for the month of December 2014 to all residential mortgages with an original value of up to one hundred thousand dollars. According to the announcement after today’s cabinet meeting, the criteria to qualify for the program, has been approved. It will apply to all borrowers from the National Bank, the commercial banks, credit unions, the Development Finance Corporation and the Belize Social Security Board. Only residential mortgages for new home construction will qualify and it does not include mortgages for home improvement. Mortgages must be legally registered mortgages. Application Forms for the Residential Mortgage Payment Program are available at the Treasury Department in Belize City or at any District Sub-Treasury or can be downloaded from the Ministry of Finance website.