With the job market hopefully getting a boost due to the Mortgage Relief Programme President of Arawak homes Franon Wilson says the banks should “put a cap” on the amount that can be deducted for a salary deduction.

 He added that he believes this is what may sometimes cause many home and consumer owners to be to be in a position of debt along with their own personal choices.

 “It isn’t salary deductions; it’s when are we going to put a cap on the amount of money that can come out of a person’s salary. One of the biggest challenges to home ownership and to the mortgage relief program, any program, is the salary deduction,” he said.

 “We have people today with salary deductions, they are taking home like $10 to $20 dollars a month. The system has allowed financial institutions to do that.”

 “The banks even if they want to help and offer different solutions, if someone uses salary deduction, a significant amount is being deducted and vacations, the point is, that limits the amount of things the bank can do.”

 The plan will cost taxpayers $20 million over four years it was revealed last month by Prime Minister Perry Christie.

 The initiative was one of the Christie’s administration’s “underperforming programme.”

 The programme, which plans to provide financial incentives will also allow banks to offer borrowers who have the ability to pay, but have fallen behind, the chance to find footing.

 Banks will be offering borrowers a minimum of 20 per cent to 25 per cent reduction in monthly payments.

 Mr. Wilson added that although the mortgage relief programme is good, he however believes it has hindrance.

 “Doing the mortgage relief programme is fine, but salary deduction is something that needs to be addressed as well. The speed at which we hope to see the homes come off the market will be handicapped by the salary deductions that we have in place,” he said.

 “There are people who are working but have more than half of their salary going to pay consumer loans, 50,70 percent. “

 “There is nothing that person can do for the next five to seven years and the bank can’t wait 5-7 years.”

 The mortgage relief programme starts today.