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FirstTrust Mortgage Bank Plc is expanding access to structured and flexible financing solutions for Nigerians through a portfolio of mortgage, housing and consumer finance products designed to meet diverse property and short-term funding needs.
The bank’s offerings are targeted at homebuyers, existing homeowners, salaried employees, self-employed professionals, public and private sector workers, as well as Nigerians living and working abroad.
Its portfolio includes Mortgages, Home Mortgage Refinance, Home Improvement Finance, Diaspora Mortgage and Short-Term Loan facilities, providing financing options for customers at different stages of their financial and homeownership journeys.
FirstTrust offers mortgage refinancing options
The Home Mortgage Refinance facility enables eligible customers to refinance an existing mortgage obtained from another financial institution through FirstTrust Mortgage Bank, subject to the bank’s Risk Assets Acceptance Criteria (RAAC).
The facility is available to private sector employees, public sector workers and self-employed professionals with satisfactory and verifiable income or business records and an acceptable credit history.
Key features include no equity contribution requirement, a short tenor, competitive interest rates and flexible repayment structures designed to accommodate customers’ cash-flow circumstances.
Eligible borrowers may also use the refinancing facility to restructure existing repayment obligations over a longer period, subject to applicable terms and conditions.
Home improvement financing supports property upgrades
For homeowners seeking to renovate, expand, upgrade or complete their residential properties, FirstTrust’s Home Improvement Finance provides funding for eligible property improvement projects.
The facility also caters 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 meet the bank’s applicable lending requirements.
Customers can access financing of up to 25 per cent of the property’s value, with repayment tenors of up to three years.
The facility requires no equity contribution and offers flexible repayment options, subject to the bank’s assessment and approval processes.
Diaspora Mortgage targets Nigerians abroad
FirstTrust Mortgage Bank has also developed a Diaspora Mortgage facility for eligible Nigerians living and working abroad who want to acquire residential property in Nigeria.
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.
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.
Repayments are facilitated through mandatory direct debit, while the interest rate is negotiable. Management and commitment fees are each charged at 1 per cent flat and payable upfront, subject to applicable terms, conditions and regulatory requirements.
The facility provides eligible customers with a structured route to property acquisition while allowing them to manage the process through a regulated mortgage institution in Nigeria.
Short-term loan provides structured consumer credit
To meet immediate and legitimate personal financial needs, FirstTrust 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, while the facility is secured by a memorandum of deposit over a property covered by a legible and acceptable title document.
The financing provides eligible customers with access to structured credit and an agreed repayment schedule.
FirstTrust targets broader access to housing finance
FirstTrust Mortgage Bank’s range of financing products reflects its approach to addressing the varying financial circumstances and property needs of its customers.
Commenting on the financing solutions, the Managing Director and Chief Executive Officer, Dr Korede Adedayo, said the bank was focused on developing products that respond to customers’ individual financial circumstances and homeownership goals.
“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 its representatives for detailed information on eligibility requirements, documentation, applicable fees, interest rates, security requirements and other terms and conditions associated with each facility.
Through its mortgage and consumer financing portfolio, FirstTrust Mortgage Bank said it remains focused on deepening access to housing finance and providing structured solutions that enable eligible Nigerians to acquire, improve, refinance and invest in residential property.
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