Under the auspices of the newly formed TTMB, potential homeowners are witnessing a seismic shift in mortgage lending terms. The Honorable Colm Imbert, Minister of Finance, outlined the merger’s monumental benefit: the halving of borrowing costs. By reducing the interest rate from six percent to a groundbreaking three percent, TTMB is set to leverage TT$2 billion in low-cost funds, a move that significantly lowers the barrier to homeownership for low and middle-income earners.
This change is not merely financial; it’s profoundly transformative. It paves the way for a “cash-rich vehicle of social policy,” as described by Minister Imbert, enabling billions of dollars in affordable mortgage loans. This initiative is perfectly aligned with the government’s Vision 2030 and the National Development Strategy, targeting Goal Three – “adequate and affordable housing for citizens” as a direct measure to combat and reduce poverty over time.
Patrick Ferreira, the Chairman of TTMB, further articulated the merger’s pivotal role in enhancing value creation for its customers while ensuring robust returns for shareholders and investors. The merger, effective January 17, 2024, marries the strengths and resources of TTMF and HMB—entities previously owned by the Government of Trinidad & Tobago and the National Insurance Board (NIB)—into a unified, more potent institution.
During the ceremonial launch on March 20, under the theme ‘Anti-Gravity’, TTMB was introduced as more than a financial institution; it’s a harbinger of upward mobility and stability. This theme aptly encapsulates the bank’s ambition to transcend traditional boundaries, providing an unparalleled foundation for homeowners and the nation.
As this new era dawns, TTMB reassures that the advantageous aspects of the Home Mortgage Bank Act, particularly the Tax-Free Bonds that greatly benefited homeowners, will continue to be a part of its portfolio. This retention of benefits underscores TTMB’s commitment to incorporating the most valuable aspects of its predecessor institutions, explicitly aimed at making homeownership not just a possibility but a reality for many.
This merger marks more than a strategic alignment of two financial entities; it embodies a redefined commitment to fostering accessible homeownership. By significantly lowering mortgage lending costs and offering affordable solutions, the TTMB initiative is a fundamental pillar in supporting the government’s housing programme and supporting every citizen in their journey towards owning a home.
For individuals dreaming of their own home, the formation of TTMB represents a critical milestone. It signifies the transition to a future where financial barriers are dismantled, making the path to homeownership a journey of hope, opportunity, and achievable dreams.
