National Housing to hike the rate of mortgage payments for over 300 homeowners


An increase in mortgage payments is looming for over 300 homeowners who purchased a house under the National Housing and Urban Renewal Company.

That’s according to this week’s post-Cabinet notes.

While no exact date has been determined for the implementation of the hike, the executive arm of government says it’s a necessary step to compensate for the increased cost of building materials.

The communique from the government’s chief of staff explains that the contracts were negotiated at a fixed lower cost and resulted in the homeowners paying a subsidized rate since 2019.

The decision to increase the cost was made when the managers from the housing company met with the Cabinet during the Wednesday, March 8, meeting.

Opposition Leader Jamale Pringle, while responding to the 2023 Budget in the House of Representatives on Thursday (March 9), lamented that since the establishment of the National Housing and Urban Renewal Company, no audited financial report has been laid before Parliament and many are left to wonder about the operations of the company which is funded by tax dollars.- REAL NEWS

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  1. Take away from the article.
    1 The government admits to inflation since 2019.
    2 The government is taking steps to increase the cost of homes that was fixed since 2019.
    4 Public sector workers have been dealing with sever inflation since 2018.
    5 The government must increase salary and wages so that home owners can afford the mortgage hike.

    Balance is necessary for the people to feel the 10% growth, no?
    Suggestion $400.00 wage increase across the board and a $200.00 mortgage increase.

  2. Silicon Valley Bank in the USA went into receivership by the FDIC yesterday — with 90 % of deposits more than $250,000.00 — meaning 90% of deposits are not insured.
    The banking collapse are here.

    2008 subprime mortgage scheme in America that crashed the economy comes to Antigua. The federal government in the US bailed out the crooked banks with tax payers funded monies, but a new law was signed during the Obama administration that the next the banks were in financial trouble, the Feds would NOT bail out banks. However Congress gave the the banks the right to “bail ins” — meaning, the bank can take a portion of its depositors money. That happened in Greece in 2008.

    You will become renters of these govt. houses. Government control of everything is the plan of the NWO/Agenda21-2030

    WEF: you will own nothing but you will be happy.– Klaus Schwab.

    Another massive transfer of wealth from the poor to the rich in on the way.
    Sorry to those of you who were scammed!!

    • It will probably take 2 generations to pay off those mortgages. It is not yours until you pay it off in full.

  3. Did the ALP government pull a subprime mortgage scheme on POOR people in Antigua?
    How can a FIXED mortgage rate increase because of increasing cost of building materials? If the government was subsidizing part of the mortgage payments and it is no longer doing so, then the full burden falls on the home owners — but, was this little but SIGNIFICANT detail explained to the buyers before they signed on the dotted line? In other words, did they tell you that if the government decided they can no longer pay a portion of your mortgage payments that you would be responsible for the full amount and what that amount would be?
    Sadly, this could turn some or all of you into renters.

    Someone please tell me I’m misunderstanding what this means.


  4. Increase in Mortgage Payments is nothing new. When I had a Mortgage,my monthly payments increased yearly. For it all depends on the annual City’s Appraisal of Property for Taxes and Insurance Premium increases. Based on the issues above with the homes being built and the Mortgage Monthly Payments increasing. I have not known that to happen,unless you as the Mortgagor would add things on the house outside of the signed contract.

  5. Maybe the Minister of Housing could make this pellucid for us?
    She has held the portfolio for many years now so one presumes she is fully au fait with the financing & transparency of the scheme.

  6. I am missing something here. Are these houses to be built or houses already built? Higher material costs shouldn’t affect houses already built. Some people got mortgages for unbuilt homes. If they can’t meet the payments will they get their money back?

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