A new personal lending centre was officially opened yesterday by the Bank of Bermuda.

The opening coincided with the launch of the first in a series of mortgage products being introduced by the Bank.

Bank of Bermuda chief executive officer Philip Butterfield said at the ribbon-cutting ceremony: “Our intention is to create a more customer friendly atmosphere.

“Earlier this year we renovated and updated our Church Street branch, which showcases Bank of Bermuda’s new look with a greater emphasis on serving the customer while producing a warmer, more vibrant interior.

“Our new personal lending centre follows this trend and we look forward to updating more of our branches and moving ahead with the development of our new building, Harbourview (the former Trimingham’s building).”

He said the new centre — previously based in the LP Gutteridge building on Par-la-Ville Road — had been fitted with new lighting, flooring, furnishings and fixtures to create a more vibrant and modern interior.

It will also house a 24-hour express banking facility with two ATMs and a personal quick deposit box.

The first in the series of new mortgage products is the Flexi-Mortgage, which allows the purchaser to borrow up to $2 million with interest-only payments for the first five or ten years.

The product provides an alternative type of mortgage financing for customers who require some flexibility with their mortgage payments in that they can defer principal payments for a period of time and only pay the interest due.

Mr. Butterfield said that the new range of mortgage products would make home ownership even more accessible to the wider public.

“A home is a lifetime investment and our customers are looking to the bank for creative ways to help them acquire ‘a piece of the rock’,” he said.

“We believe by introducing more flexible and innovative mortgage products we can help people achieve the dream of home ownership.”