FirstTrust Mortgage Bank expands flexible financing solutions for Nigerians

FirstTrust Mortgage Bank Plc is reinforcing its commitment to expanding access to structured and flexible financing solutions for Nigerians through a diverse portfolio of real estate and mortgage-related products designed to address a wide range of real estate and mortgage-related needs.

The bank’s product offerings cater to homebuyers, existing homeowners, salaried employees, self-employed professionals, public and private sector workers, and Nigerians in the diaspora. The portfolio includes Mortgages, Home Refinance, Home Improvement Finance, Diaspora Mortgage, and Short-Term Loan facilities.

These solutions are designed to support customers at different stages of their financial journeys – from acquiring and improving residential property to refinancing existing mortgage obligations and meeting legitimate short-term financial requirements.

The Home Mortgage Refinance facility provides eligible customers with an opportunity to refinance an existing mortgage obtained from another financial institution through FirstTrust Mortgage Bank Plc, subject to the Bank’s Risk Assets Acceptance Criteria (RAAC).

The facility is available to individuals in private sector employment, public-sector employees, and self-employed professionals with satisfactory and verifiable income or business track records as well as good and acceptable credit history.

Key features include no equity contribution requirement, short tenor, competitive interest rates, and flexible repayment structures designed to align with customers’ cash-flow circumstances.

By refinancing an existing mortgage, eligible customers may also have the opportunity to restructure their repayment obligations over an extended period, subject to applicable terms and conditions.

For homeowners seeking to renovate, expand, upgrade or complete their residential properties, FirstTrust’s Home Improvement Finance provides access to funding for eligible property improvement projects.

The facility is also available to customers who have acquired properties at the carcass stage and require financing to complete construction. Eligible properties must have valid title documentation in the borrower’s name and satisfy the Bank’s applicable lending requirements.

Customers may access financing of up to 25% of the property’s value, with a repayment tenor of up to three years. The facility requires no equity contribution and provides flexible repayment options, subject to the Bank’s assessment and approval processes.

Recognising the significant interest among Nigerians living and working abroad in owning property in Nigeria, FirstTrust Mortgage Bank Plc offers its Diaspora Mortgage facility to eligible Nigerians seeking to acquire residential property in the country.

The facility is available to qualifying permanent immigrants with valid work permits and verifiable income records, as well as self-employed professionals with satisfactory business track records.

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The Diaspora Mortgage offers a long-term tenor, with a minimum equity contribution of 50 per cent, and an individual obligor limit of up to N100 million. Repayment is facilitated through mandatory direct debit.

The facility carries a negotiable interest rate, while management and commitment fees are each 1% flat, payable upfront, subject to applicable terms, conditions, and regulatory requirements.

The product provides eligible customers with a structured financing option for property acquisition while enabling them to manage the process through a regulated mortgage institution in Nigeria.

To support customers with immediate and legitimate personal financial requirements, FirstTrust Mortgage Bank Plc offers a Short-Term Loan to eligible salaried employees of approved organisations and high-net-worth self-employed individuals.

The facility provides financing of up to N30 million, subject to the Bank’s credit assessment and approval, with a repayment tenor of up to 24 months.

No equity contribution is required. The facility is secured by a memorandum of deposit of a property covered by a legible and acceptable title document.

The Short-Term Loan provides eligible customers with access to structured credit while allowing them to repay through an agreed and manageable repayment schedule.

FirstTrust Mortgage Bank Plc’s diverse financing portfolio reflects its commitment to providing solutions that respond to the varying needs and circumstances of its customers.

Commenting on the Bank’s financing solutions, the Managing Director/CEO, Dr. Korede Adedayo, said:

“At FirstTrust Mortgage Bank Plc, we recognise that every customer has unique financial circumstances and aspirations. Our approach is therefore focused on providing thoughtfully structured financing solutions that support Nigerians at different stages of their homeownership and financial journey. Whether a customer is seeking to acquire a home, improve an existing property, refinance an existing mortgage, invest in property from the diaspora, or address a legitimate short-term financial need, our products are designed to provide relevant financing options within a structured and responsible lending framework.”

The bank encourages prospective customers to engage with its representatives to obtain detailed information on eligibility requirements, documentation, applicable fees, interest rates, security requirements, and other terms and conditions applicable to each facility.

Through its expanding portfolio of mortgage and consumer financing solutions, FirstTrust Mortgage Bank Plc remains focused on deepening access to housing finance and providing structured financial solutions that help eligible Nigerians own, improve, refinance and invest in residential property.