Former finance minister Colm Imbert says declining mortgage activity at the Trinidad and Tobago Mortgage Bank is an indication that fewer people are borrowing money to purchase homes, which he believes reflects growing financial pressure on households.
Imbert raised the issue during an Opposition press briefing while examining the recent performance of several financial institutions in which the State has a significant interest.
He pointed specifically to TTMB’s financial results for the six months ended June 30, 2026, which showed profit after tax falling to approximately $81 million.
That represented a decline of about $13.4 million, or 14.2 per cent, compared with the corresponding period in 2025.
TTMB attributed the weaker performance in part to lower mortgage interest income, higher financing costs and reduced loan origination volumes.
Imbert focused heavily on the reference to reduced loan origination.
“You know what that means? Nobody’s taking out mortgage loans,” Imbert told the briefing.
He argued that the technical language essentially meant fewer people were borrowing money to purchase homes.
According to Imbert, there are two major factors behind what he believes is happening: some prospective homeowners cannot afford mortgages, while the supply of new homes has also become an issue.
“They can’t afford, and then there are no houses to buy because the Government isn’t building any,” Imbert claimed.
His comments represent the Opposition’s interpretation of TTMB’s results. Reduced loan origination can be influenced by several factors, including interest rates, housing supply, lending conditions and changes in consumer demand, and TTMB’s financial results alone do not establish that affordability is the sole cause.
Nevertheless, the decline comes at a time when housing affordability and access to mortgages remain major concerns for many Trinidad and Tobago families.
Imbert contrasted TTMB’s latest performance with what he described as stronger financial-sector conditions under the previous PNM administration.
He also highlighted First Citizens Group, which reported lower profits for its latest nine-month reporting period.
However, the wider banking picture remains mixed, with Republic Financial Holdings recording modest year-on-year profit growth during its latest reporting period.
Imbert maintained that TTMB’s mortgage figures deserve particular attention because housing finance provides an indication of activity among people attempting to enter the property market.
He argued that reduced mortgage lending should therefore be examined alongside employment, household income, housing construction and the overall cost of living.
The former finance minister said the figures form part of a broader economic picture that Government will have to address as Trinidad and Tobago approaches its next national budget.
For Imbert, however, the message contained in TTMB’s reduced loan origination was straightforward: fewer people are taking out mortgages, and he believes affordability and the availability of homes are major reasons why.
