Demerara Bank shakes up local market with free mortgage switch

…will pay legal fees, court filing fees, processing charges for customers

Demerara Bank Limited (DBL) has announced a mortgage switch initiative that allows homeowners to transfer their existing loans from any financial institution at no cost. The promotion, launched ahead of the festive season, is aimed at reducing the financial burden associated with high-interest mortgages and complex refinancing processes.
According to the bank, the promotion eliminates all traditional expenses associated with transferring a mortgage. DBL will cover legal fees, court filing fees, and processing charges. All documentation will be handled by the bank’s in-house legal and credit teams, removing the need for external attorneys and reducing processing delays.
Customers who participate in the promotion will access a five per cent mortgage interest rate, repayment terms of up to 30 years, and approval within 48 to 72 hours. The bank said the process has been designed to be efficient and straightforward.
The initiative also offers a bundled financial package. Approved customers will automatically qualify for a Visa credit card, a consumer loan, and a vehicle loan at seven per cent interest, with no additional processing fees. DBL stated that the bundle is intended to give families broader financial flexibility by combining mortgage refinancing with access to credit for home upgrades, transportation, or other expenses.
The bank said that it has played a consistent role in Guyana’s housing development over the past three decades through its participation in national building expos and collaborations with the Housing Ministry and private developers.
“This promotion is our way of saying you don’t have to stay where you are if it’s no longer serving you. We’ll handle your fees, simplify the process, and ensure a fast, secure, and worry-free transition,” the bank’s Chief Executive Officer stated.
DBL said homeowners switch mortgages for various reasons, including the need for lower monthly payments, improved transparency, and better service delivery. The bank emphasised that its customer service model is built on long-term relationships and individual support throughout the loan process.

The “Switch Your Mortgage” promotion includes:
• Zero legal fees
• Zero court filing fees
• Zero processing fees
• 5% mortgage interest rate
• Up to 30-year repayment term
• 48–72 hour approvals
• 7% car loan
• Visa credit card and consumer loan options