The National Housing Trust (NHT) has entered into a pact with building societies and private mortgage lenders, under which it is making $500 million available to assist property owners with cheap hurricane-repair funds.

The housing agency said it has lent the funds to the societies at 4.0 per cent, for onlending to their customers at 6.0 per cent.

"Customers accessing these funds do not have to be NHT contributors," said the agency.

Individual loans will be capped at $250,000 per residence.

The agency's own mortgagors, whose homes were damaged in the Category Four storm, have a deadline of October 23 to submit insurance claims.

Final payment date

Also, the window for application for the three-month moratorium on mortgage-loan payments, closes September 14.

Only mortgagors who were up to date on their loan payments at July 31, will qualify for the relief, which dates from September 1.

Customers must state in writing that they wish to apply for the moratorium or complete the relevant form.

"During the three-month break in payments, interest and insurance charges will continue to be added daily to the principal loan," the NHT also advised.

"However, the loan-repayment period will be extended so that the monthly payment remains unchanged for the remaining period of the loan."

Sept 14 deadline for NHT mortgage moratorium