FirstTrust Mortgage Bank expands flexible financing solutions for Nigerians

FirstTrust Mortgage Bank Plc is increasing its focus on providing Nigerians with accessible and adaptable financing options through a variety of real estate and mortgage-related products. The bank's offerings are tailored to meet the diverse needs of homebuyers, existing homeowners, salaried employees, self-employed professionals, public and private sector workers, and Nigerians living abroad.

Their product lineup includes Mortgages, Home Refinance, Home Improvement Finance, Diaspora Mortgage, and Short-Term Loan facilities. These solutions are designed to assist customers throughout their financial journey, whether it's purchasing and enhancing residential properties, refinancing existing mortgage commitments, or meeting short-term financial needs.

The Home Mortgage Refinance facility allows eligible customers to refinance an existing mortgage from another institution under the Bank's Risk Assets Acceptance Criteria. This option is available to private sector employees, public-sector workers, and self-employed professionals with a reliable income or business record and a good credit history.

It offers no equity requirement, short tenor, competitive interest rates, and flexible repayment structures. The Home Improvement Finance facility enables homeowners to fund renovations, expansions, upgrades, or the completion of their properties, with financing up to 25% of the property's value and a three-year repayment period.

This option also does not require an equity contribution and provides flexible repayment alternatives. Recognizing the importance of Nigerians abroad in the Nigerian property market, FirstTrust Mortgage Bank Plc provides the Diaspora Mortgage facility to qualifying permanent immigrants with valid work permits and verifiable incomes, as well as self-employed professionals with satisfactory business records.

This facility offers a long-term tenor, a 50% minimum equity contribution, and up to N100 million in individual borrowing limits. Repayment is managed through direct debits, and the facility carries a negotiable interest rate with 1% flat management and commitment fees payable upfront. The Short-Term Loan facility caters to eligible salaried employees of approved organizations and high-net-worth self-employed individuals, providing up to N30 million in financing with a 24-month repayment period.

No equity contribution is necessary, and the loan is secured by a property with a valid title document. FirstTrust Mortgage Bank Plc's diverse financing portfolio demonstrates its dedication to providing solutions that cater to the varying needs of its customers, helping them acquire, improve, refinance, and invest in Nigerian residential properties.