A six-month mortgage moratorium has been enacted by the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Currency Union (ECCU) Bankers Association.

BASSETERRE, St. Kitts — During his monthly press conference on October 1, Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris, commended the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Currency Union (ECCU) Bankers Association for extending its six month mortgage moratorium.

So far, 2,137 persons in St. Kitts and Nevis have applied and been approved for the moratorium on mortgages valued at $455.6 million, said the Prime Minister.

The Prime Minister highlighted that this moratorium which was on the repayments of loans (principal and interest) ended on September 30 but will be extended for another six month period starting October 1.

He further highlighted that “In addition to the deferral of payments, a waiver of late fees and charges will be applicable to qualified customers during this period.”

“Going forward the loan repayment deferral programme (moratorium) will be based on an assessment of the financial condition of customers,” said the Prime Minister with responsibility for Finance.

“Each member bank will advise its customers of the details and processes for the support programme,” he said.

A moratorium period is a time during the loan term when the borrower is not required to make any repayment.