FirstTrust Mortgage Bank has unveiled a comprehensive range of mortgage and property-financing solutions designed to expand access to housing finance and help Nigerians achieve their homeownership, construction and property investment goals.
The new suite of solutions caters to individuals, self-employed professionals, families, corporate organisations and property developers, offering financing options for purchasing completed homes, constructing or completing residential properties, developing housing estates and unlocking value from existing real estate assets.
The products include the Outright Purchase Mortgage, Outright Purchase Mortgage under the Nigeria Mortgage Refinance Company (NMRC) framework, Construction Mortgage, Construction Finance and Equity Release.
According to the bank, the solutions are structured to provide customers with greater financing flexibility, competitive repayment options and access to funds tailored to their specific property needs.
For Nigerians seeking to purchase completed residential properties, the Outright Purchase Mortgage provides financing of up to N250 million, with a repayment tenor of up to 10 years. The facility is available to salary earners in the private and public sectors as well as self-employed professionals with satisfactory business track records.
Salary earners are required to provide a 20 per cent equity contribution, while self-employed applicants are required to contribute 30 per cent. Repayment is structured through monthly principal and interest payments. The facility also provides the option of joint mortgages for spouses, allowing couples to combine their financial resources towards homeownership.
For customers seeking a longer repayment period, the Outright Purchase Mortgage under the NMRC framework offers a tenor of up to 20 years, subject to applicable underwriting requirements. The facility requires a 20 per cent equity contribution from salary earners and 40 per cent from self-employed customers, with an obligor limit of N50 million for individual customers.
Recognising that many Nigerians prefer to build their homes rather than purchase completed properties, FirstTrust Mortgage Bank also offers a Construction Mortgage designed to finance the development and completion of residential properties.
The facility provides a tenor of up to 10 years, with funds disbursed in tranches based on agreed construction milestones. It is available to individuals in paid employment, public-sector employees and self-employed professionals with satisfactory business records. Salary earners are required to provide a 20 per cent equity contribution, while self-employed customers are required to contribute 40 per cent.
The Construction Mortgage can also be used as completion finance, enabling customers with unfinished residential projects to access funding to bring their homes to completion.
Beyond individual homeowners, FirstTrust Mortgage Bank is supporting corporate organisations and estate developers through its Construction Finance facility. The product provides financing for housing estate development for up to three years, with disbursements linked to agreed construction milestones.
Developers are expected to provide a 50 per cent equity contribution alongside adequate collateral. The facility also incorporates risk-mitigation requirements, including life insurance coverage for developers of not less than 50 per cent of the principal.
For Nigerians who already own property and need funds for approved financial purposes, the bank’s Equity Release facility offers an opportunity to unlock part of the value tied up in their real estate assets.
Eligible customers can access up to 70 per cent of a property’s Open Market Value, subject to a maximum facility of N200 million, valid title documentation and the bank’s risk acceptance criteria. The facility does not require an additional equity contribution, while offering flexible repayment arrangements based on the customer’s approved financing needs.
The range of products reflects FirstTrust Mortgage Bank’s broader approach to housing finance, extending beyond conventional home purchase financing to support customers at different stages of their property journey.
Whether purchasing a first home, constructing a new property, completing an existing building, developing a housing estate or unlocking value from an existing asset, the bank said its financing solutions are designed to respond to the varying needs of Nigerians seeking to participate more actively in the country’s housing and real estate market.
Speaking on the launch, the Managing Director/Chief Executive Officer of FirstTrust Mortgage Bank, Dr. Korede Adedayo, said the bank’s objective is to make property ownership and development more accessible to Nigerians.
“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,” he said.
FirstTrust Mortgage Bank is a mortgage institution committed to expanding access to housing finance in Nigeria. The bank partners with individuals, families and property developers to provide customer-focused mortgage and property-financing solutions that support homeownership, real estate development and community growth.
