THE National Housing Trust (NHT) and Scotiabank have joined as the newest partners under the external financing mortgage programme (EFMP).

The partnership was signed at a recent ceremony at the NHT’s Park Boulevard corporate office in St Andrew.

NHT Managing Director Martin Miller and Scotiabank’s team of executive vice-president, Retail and Small Business Banking, Perrin Gayle; and director, Sales Support Unit, Avril Leonce inked the agreement, marking the commitment of partnership between the two entities.

Martin, in his remarks at the signing, conveyed his gratitude to Scotiabank for joining the list of mortgage partners through which NHT contributors can process their NHT loan benefits.

“I want to welcome Scotiabank to this partnership. We have had a successful partnership under the previous joint finance programme, and I know this will continue as we work together to give both our customers greater options where financing their homeownership goals is concerned.” Miller said.

Meanwhile, Scotiabank’s Gayle underscored the bank’s commitment to assisting Jamaicans with achieving their homeownership goals. He said that the EFMP represents an avenue through which Scotiabank will be able to assist even more Jamaicans.

“Scotiabank is very excited to commence this venture with the NHT that will undoubtedly simplify and make the process of acquiring a mortgage much more efficient for both our customers and hundreds of Jamaicans as they aim to achieve that ultimate dream of homeownership. Of course, as a bank, our values are very much aligned with that of the NHT in making homeownership a reality for all Jamaicans and we are indeed committed to providing banking services of the highest standard to aid them on this important financial journey. We commend the NHT on initiating the external financing programme and we look forward to a successful partnership,” Gayle said.

The EFMP follows an analysis by the NHT into how it finances loans, and was implemented in April 2023. It replaces the previous joint financing mortgage programme. Under the new arrangement, partner mortgage lending institutions fund full NHT loan benefits to qualified NHT contributors at the interest rates and terms as they would generally receive from the NHT. The new financing model allows the NHT to increase the supply of housing by channelling more resources into construction.

“Through this partnership, the NHT will be in a greater position to focus on its core mandate of providing affordable housing units to contributors especially those at the affordable end of the market. We currently have two main programmes, the guaranteed purchase programme and the developers programme that we are using with our private developers to increase the number of housing units and at a faster pace, especially for our low income persons” Miller said at the signing.

In addition to their NHT loan benefit, contributors will also have access to other Scotiabank mortgage products, he added.

Scotiabank brings to three the number of local mortgage institutions that have signed on to the EFMP to date. The NHT expects this list of institutions to increase in the weeks ahead, as it wraps up negotiations with other mortgage partners.

The EFMP, the NHT said, represents an improvement to the company’s financing arrangements as contributors will have access to an expanded list of mortgage institutions through which they can access their NHT loans.