FirstTrust Mortgage Bank Plc has strengthened its portfolio of mortgage and consumer financing solutions, offering Nigerians flexible options for home acquisition, property improvement, mortgage refinancing and legitimate short-term financial needs.
The Bank’s financing solutions are designed to serve a broad range of customers, including homebuyers, existing homeowners, salaried employees, self-employed professionals, public and private sector workers, and Nigerians living in the diaspora.
Its portfolio includes Home Mortgage, Home Mortgage Refinance, Home Improvement Finance, Diaspora Mortgage and Short-Term Loan facilities, providing financing options for customers at different stages of their homeownership and financial journeys.
Refinancing Existing Mortgages
Through its Home Mortgage Refinance facility, eligible customers can refinance mortgages obtained from other financial institutions 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, short tenor, competitive interest rates and flexible repayment structures, subject to the Bank’s assessment and applicable terms.
Refinancing may also enable eligible customers to restructure existing repayment obligations over an extended period, depending on the terms approved by the Bank.
Financing for Home Improvements
For homeowners looking to renovate, expand, upgrade or complete their residential properties, FirstTrust offers Home Improvement Finance.
The facility also caters to customers who have acquired properties at the carcass stage and require financing to complete construction. Properties must have valid title documentation in the borrower’s name and meet the Bank’s applicable lending requirements.
Eligible customers can access financing of up to 25 per cent of the property’s value, with a repayment tenor of up to three years. No equity contribution is required, while repayment options remain subject to the Bank’s assessment and approval processes.
Mortgage Solutions for Nigerians in the Diaspora
Recognising the interest of Nigerians living and working abroad in owning property in Nigeria, FirstTrust provides a Diaspora Mortgage facility for eligible customers 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.
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 per cent flat, payable upfront, subject to applicable terms, conditions and regulatory requirements.
Short-Term Financing
For eligible customers with immediate and legitimate personal financial requirements, FirstTrust offers a Short-Term Loan to 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.
Supporting Homeownership and Financial Needs
According to the Bank, the breadth of its financing portfolio reflects its focus on providing structured solutions that respond to customers’ varying financial circumstances and homeownership needs.
Commenting on the offerings, the Managing Director/Chief Executive Officer of FirstTrust Mortgage Bank Plc, 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 advised prospective customers to engage with its representatives for detailed information on eligibility requirements, documentation, applicable fees, interest rates, security requirements and other terms and conditions for each facility.
Through its expanding portfolio of mortgage and consumer financing solutions, FirstTrust Mortgage Bank Plc said it remains focused on broadening access to housing finance and providing structured financial solutions for eligible Nigerians seeking to own, improve, refinance or invest in residential property.
