MORTGAGE MARKET “IN BAD SHAPE”

NASSAU, Bahamas — The Bahamian Contractors Association’s (BCA) president yesterday said the “very low” number of qualifiers for the government’s low-cost serviced lot initiative was likely “not a true indicator” of the market, The Tribune reported August 30.

Leonard Sands argued that there would be a greater number of purchasers once the Government expands the programme beyond the uniformed branches, while agreeing with Romauld Ferreira, minister of the environment and housing, that many Bahamians, particularly those who can have salary deductions, have been seduced by predatory lending and cannot qualify for a mortgage.

“People are finding it hard to qualify and that’s their financial situation,” Mr Sands said. “If you can’t qualify for a $15,000 or $30,000 lot then your financial situation is bad. I don’t really know what the Government could do in that regard. http://www.tribune242.com/news/2018/aug/30/mortgage-market-in-very-bad-shape/?news