Scotia Group Jamaica continues to grow its mortgage book, and for the nine months ended July 31, 2026, that arm of the business grew by 19 per cent year over year.

This belies the sentiment that many people are not taking out mortgages and cannot afford to purchase homes. That’s more so for younger people trying to make their way through a contracting economy and low-paying jobs.

The financial strength of Scotia, together with its long, reputable presence in Jamaica, gives those seeking a mortgage a certain degree of security.

Over the last few years, a number of apartments and townhouse complexes have dotted the city of Kingston. The question has been who is buying these properties and who can afford mortgages that start at J$500,000 a month.

What is evident is that the construction of these residences continues apace.

“How many people do you know under the age of forty who are making in excess of US$100, 000 a year in Jamaica? How can people afford these places? It does not make sense. Who do you know who are moving into these new apartments?

Interesting questions that were put to the Scotia Group Jamaica executive team at a media briefing last Friday. 

So what would account for this conundrum- rising inflation (7.5 per cent), consumer spending down, a contracting economy, yet mortgages are up, and young people are buying more homes?  Are mortgagors migrating from other financial institutions to Scotia Group?

Scotia Group Jamaica CEO Audrey Tugwell Henry gave some insight: “ We have a switch mortgage programme, but in terms of the new mortgages we originate on a monthly basis, that’s just a small percentage. The vast majority of our mortgages are clients who are pushing every day to be financially better off. Buying a home is one of their aspirations.

“It is largely first-time home buyers, but we do have a mix of people buying a second home.”

This is remarkable by Scotia Group Jamaica and demonstrates its capacity as an integrated financial fortress. The logic would be to report a fall-off in mortgages or see people from outside Jamaica buying homes here.

Scotia Group Jamaica’s Head of Retail Banking Yvette Anderson drilled down further.

“ It’s about strong front-line execution. We have well-tailored value propositions in each segment that we serve. We ensure our rates are very competitive and are mindful of what is happening in the economy; therefore, we price accordingly.

“We assess the market, streamline our processes, and we respond quickly. What gets tracked, gets done. 

“Scotia is seeing more young people becoming homeowners as opposed to older persons. We are seeing people as young as 22 looking for mortgages. The younger people may inherit the deposit money, and with the NHT contributions, I think we are going to see an uptick in young people applying for mortgages. In fact, we are seeing younger people going for second homes.

“In the past we would see people in their 50s and 60s looking to buy a second home. Now we are seeing clients who are 30, maybe 35, buying second homes. These are not exclusively entrepreneurs but rather a lot of young professionals. It’s a mix of both. Self-employed people can avail themselves of our loan facilities.”