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19 May, 20200

At the post cabinet news briefing on March 23, 2020, the Prime Minister, through the Minister of Finance, clarified his previous request on March 18, 2020 to defer mortgage payments:

  • For TTMF customers he indicated the deferral would be for three months in the first instance.
  • For HDC customers who are in a Rent to Own (RTO) or License to Occupy (LTO) arrangement, the deferral would be for two (2) months in the first instance.

This deferral applies to customers who are unable to pay due to the impact of COVID-19. All other customers who are in a position to pay are encouraged to continue making their payments.

  • Q: How do I apply for a payment deferral? What is the process?
  • Q. For how long will this facility be available?
  • Q. I usually pay my mortgage instalment at a branch. How can I continue to make payments while your offices are closed?
  • Q. Do I have to pay my instalment? / Do I have to make my LTO/RTO payment?
  • Q. I have a salary deduction. Do I stop my payments?
  • Q. I have a standing order. Do I stop my payments?
  • Q. TTMF deducts my payment automatically. Will this be stopped?
  • Q. Can I get a refund on my March instalment?
  • Q. Is the deferral amount the full instalment?
  • Q. How long do I have to wait to have access to the funds?
  • Q. When do I have to repay this deferral?
  • Q. Do I have to repay these missed months’ instalment?
  • Q. Will stopping these payments affect my credit?
  • Q. Will interest be compounded during this period?
  • Q. Our mortgage is on both my and my husband’s name. Which one of us can apply for the deferral?
  • Q. I received a letter from you stating that my instalment will increase. Will that increase still be effected?
  • Q: If I have not received my Letter of Variation as yet but I have completed the Authorisation Agreement for Paylink, would I still get a refund?
  • Q: I did not apply for a deferral but was unable to make my payment on time due to the office closure. Would additional interest or a late fee be applied?
  • Q: Once the refund is processed, how long would it take, on average, for me to receive the funds in my bank account?
Q: How do I apply for a payment deferral? What is the process?

A: You may request a deferral by completing the online form found on our website. Once submitted, you will receive an email from us with further instructions. You will be required to sign a Letter of Variation confirming the extension of the term of the loan by the deferral period. You must immediately print, sign, scan and re-submit a soft-copy of your Letter of Variation to us via email at info@ttmf-mortgages.com using the email subject: Letter of Variation and Mortgage Refund.

Additionally, you would need to complete this Authorisation Agreement for Pay Link online form which is encrypted to ensure the information submitted is secure. It will allow us to process the refund directly to your bank account. You will be asked to upload supporting evidence of your bank account number.

Q. For how long will this facility be available?

A. Based on the Prime Minister’s address of March 23, 2020, our deferral is available for the months of March, April and May in the first instance.

Q. I usually pay my mortgage instalment at a branch. How can I continue to make payments while your offices are closed?

A. Could you kindly send your query to info@ttmf-mortgages.com so we can provide you with our banking details for direct deposit?

Q. Do I have to pay my instalment? / Do I have to make my LTO/RTO payment?

A. The deferral is for persons who are not in a position to make their regular payment or by making their regular payment they will be unable to cope with the current challenges. Are you affected by COVID-19 in this way?

Q. I have a salary deduction. Do I stop my payments?

A. No, we do not recommend stopping salary deductions. We will refund the deductions as received. If you have evidence that your March instalment has already been deducted from your salary, that instalment will be refunded to you when received. Future refund of instalments during this period will also be done in a similar fashion.

Q. I have a standing order. Do I stop my payments?

A. No, we do not recommend stopping standing orders. We will refund the deductions as received. If you have evidence that your March instalment has already been deducted from your account, that instalment will be refunded to you when received. Future refund of instalments during this period will also be done in a similar fashion.

Q. TTMF deducts my payment automatically. Will this be stopped?

A. If your March payment was received, it will be refunded to you via a direct deposit to your bank account or by cheque which will be mailed. We will suspend payment withdrawals from your account for the next two months (April and May) in the first instance. Deductions will resume in June 2020 or unless otherwise advised.

Q. Can I get a refund on my March instalment?

A. If your payment is normally remitted through a salary deduction, standing order or if TTMF debits your account directly, then we may have already received your March payment. We will verify this and if this is indeed so, we will refund you the payment either by cheque which will be mailed or by direct deposit to your bank account.

Kindly complete this Authorisation Agreement for Pay Link online form which is encrypted to ensure the information submitted is secure. It will allow us to process the refund directly to your bank account. You will be asked to upload supporting evidence of your bank account number.

Q. Is the deferral amount the full instalment?

A. Yes, it is.

Q. How long do I have to wait to have access to the funds?

A. Once your account is up-to-date and we are in receipt of your correctly completed request we will process your refund.

Q. When do I have to repay this deferral?

A. Repayment of the deferral is simply extending your mortgage by the number of month (s) that was deferred.

Q. Do I have to repay these missed months’ instalment?

A. The term of your loan will be extended by the deferral period to allow for repayment of these instalments. You will be required to sign a Letter of Variation confirming the extension of the term of the loan by the deferral period.

Q. Will stopping these payments affect my credit?

A. Your credit report will not reflect the missed payments for these missed months and your credit history will not be affected.

Q. Will interest be compounded during this period?

A. No. Since there is no payment due during the period, no interest will be calculated.

Q. Our mortgage is on both my and my husband’s name. Which one of us can apply for the deferral?

A. The application for the deferral must be in both names, but we would only need one (1) bank account to transfer the refund of the instalment.

Q. I received a letter from you stating that my instalment will increase. Will that increase still be effected?

A. Yes, the increase is based on your loan type, however, if the increase is within the deferral period you will be refunded the amount paid.

Q: If I have not received my Letter of Variation as yet but I have completed the Authorisation Agreement for Paylink, would I still get a refund?

A: Yes, you will. The refund is not dependent on the Letter of Variation.

Q: I did not apply for a deferral but was unable to make my payment on time due to the office closure. Would additional interest or a late fee be applied?

A: There are is no additional interest or late fee applied.

Q: Once the refund is processed, how long would it take, on average, for me to receive the funds in my bank account?

A: We wish to assure you that although our offices are currently closed in compliance with the ‘stay at home’ orders, our team is working diligently to process all deferral requests.

As you may appreciate, working remotely does present some challenges that could result in a delay. We are working quickly to resolve the issue.

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18 May, 20200

There is no denying it; COVID-19 has changed the way we live; temporarily in some ways, permanently in others. One thing is clear, the need to save is even more apparent. Here are some helpful tips to save a few dollars:

CREATE A BUDGET

We know the mere mention of the word “budget” may strike fear into the hearts of some, but in reality, it’s really simple. Grab a piece of paper (or open an Excel spreadsheet, if that is your thing) and put your income in one column and your expenses in another. This is for your eyes only, so be brutally honest. Distinguish between needs and wants by asking yourself “Can I do without this for now?”. You may be surprised as to how much you can save this way!

COOK AT HOME MORE

In recent times, many of us have been cooking from scratch, either by getting recipes online or after dusting off grandma’s cookbooks. Delving into these kitchen adventures could turn out to be more fun and satisfying than you imagined. On a closer look, you may realize that the cost of just a few of the ingredients is the same as (or less than) a bought meal; and feeds more mouths! Also, leftovers could be put in the freezer for you to enjoy another time.

CANCEL UNNECESSARY SUBSCRIPTIONS

Current financial uncertainty means we need to be more frugal with our spending. Cancelling some monthly memberships and subscriptions can help. For example, do you need both cable and Netflix? Probably not.

GROCERY PICK UP/ DELIVERY

Just think of the many times that items caught your eye and ended up in your trolley, even if they were not on your list. Impulse buys are the enemy of saving. Why not try one of the new shopping services that let you send in your list and have it all pre-packed or delivered? That way you resist the temptation to go over your budget.

USE LESS ELECTRICITY

Every little bit adds up. Instead of turning lamps or air conditioners on during the day, consider opening the windows for natural ventilation and light. Switch to energy saving mode and unplug the electronics that you do not use daily to boost your savings in this area.

By reviewing every category of spending, from essentials to entertainment, we’re certain you can discover several ways to save money. These little things all add up and these extra savings could be put aside for a rainy day.

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29 Apr, 20200

Pursuant to Section 63 and 67 (2) (c) of the Securities Act 2012, Trinidad and Tobago Mortgage Finance Company Limited advises its shareholders and other stakeholders that the Company’s Annual Report for the year ended December 31, 2019 is available on the Company’s website at:

www.ttmf-mortgages.com/about-us/financial-reports

or at our registered office
Albion Court
#61 Dundonald Street
Port of Spain
Trinidad WI

The Annual Comparative Financial Statements and Auditors’ Report thereon as required by section 151 (1) of the Companies Act are included in the Annual Report 2019.

If you require any further information, please do not hesitate to contact:
Laurette Walker
Chief Financial Officer / Ag. Secretary
623/625-8863 Ext 2100