Due to recent increases in the company's mortgage rates, Jamaica National Building Society (JNBS) has removed the compulsory saving component from their mortgage loans. JNBS mortgage and operations executive Wanica Purkiss said the decision to eliminate compulsory savings was taken in order to soften the effect that the recent adjustments in mortgage rates would likely have on clients.
The compulsory saving component of the monthly mortgage payment was instituted by JNBS to help mortgage holders set aside funds for future repairs to their properties. Mortgagor holders could only access these funds after a predetermined time had passed and estimates or bills for home repairs would have to be presented.