FirstTrust Mortgage Bank has unveiled a suite of tailored mortgage and real estate development solutions in a strategic push to bridge Nigeria’s housing deficit and expand access to property financing.
The new product offerings, which feature facilities of up to N250m and extended repayment tenors of up to 20 years, are designed to meet the diverse needs of individual buyers, self-employed professionals and commercial estate developers looking to purchase, construct or unlock equity from residential properties.
The products include Outright Purchase Mortgage, Outright Purchase Mortgage under the Nigeria Mortgage Refinance Company framework, Construction Mortgage, Construction Finance and Equity Release.
Speaking on the launch, the Managing Director/Chief Executive Officer of FirstTrust Mortgage Bank, Dr. Korede Adedayo, stated that the bank was committed to lowering the entry barriers to property ownership.
“At FirstTrust Mortgage Bank, we understand that owning a home is more than a transaction; it is about security, dignity, and building the future.
These products were developed to remove barriers to homeownership and to support developers in delivering quality housing. Whether you are buying your first home, building your dream house, or unlocking value from existing assets, we are here to make the process clear, fair, and certain,” Adedayo said.
Under the suite, the Outright Purchase Mortgage provides financing of up to N250m with a tenor of up to 10 years for individuals seeking to purchase completed properties. The facility requires an equity contribution of 20 per cent for salary earners and 30 per cent for self-employed applicants, alongside an option for joint mortgages between spouses.
For customers seeking extended repayment periods, the NMRC-backed Outright Purchase Mortgage offers a tenor of up to 20 years with an obligor limit of N50m for individual applicants. Salary earners are required to provide 20 per cent equity, while self-employed applicants contribute 40 per cent.
To cater to individuals who prefer building, the bank introduced the Construction Mortgage facility, offering up to a 10-year tenor with milestone-based tranche disbursements. The solution, which requires 20 per cent equity for salary earners and 40 per cent for self-employed individuals, can also be utilised for completion finance for unfinished projects.
For corporate entities and commercial developers, the Construction Finance product provides funding for housing estate development for up to three years. Tied to construction milestones, the facility mandates a 50 per cent equity contribution alongside adequate collateral and mandatory life insurance coverage for at least 50 per cent of the principal.
Additionally, the Equity Release facility allows existing property owners to access up to 70 per cent of their property’s Open Market Value, subject to a maximum limit of N200m. The product requires no additional equity contribution, enabling customers to unlock liquidity from real estate assets for approved financial needs.
In this article