The mortgage bank is offering home refinance, property improvement, diaspora mortgage and short-term financing facilities for eligible customers.
FirstTrust Mortgage Bank Plc has expanded its portfolio of mortgage and consumer financing products as it seeks to provide Nigerians with structured funding options for homeownership, property improvement and other legitimate financial needs.
The bank said its financing solutions are designed to serve different categories of customers, including homebuyers, existing homeowners, salaried employees, self-employed professionals, public and private sector workers, and Nigerians living in the diaspora.
Its current portfolio includes mortgages, Home Mortgage Refinance, Home Improvement Finance, Diaspora Mortgage and Short-Term Loan facilities.
The bank said the products are structured to support customers at different stages of their financial journeys, from acquiring residential property and completing construction projects to refinancing existing mortgage obligations.
Home Mortgage Refinance
Under its Home Mortgage Refinance facility, FirstTrust allows eligible customers to refinance an existing mortgage obtained from another financial institution.
The facility is subject to the bank’s Risk Assets Acceptance Criteria and is available to private-sector employees, public-sector workers and self-employed professionals with satisfactory and verifiable income or business records.
Applicants are also required to have a good and acceptable credit history.
The bank said the facility comes with no equity contribution requirement, a short tenor, competitive interest rates and flexible repayment structures designed around customers’ cash-flow circumstances.
Homeowners who qualify may also restructure their repayment obligations over a longer period through refinancing, subject to the applicable terms and conditions.
The facility provides an option for borrowers seeking to review the structure of an existing mortgage rather than continue with their current financing arrangement.
Financing for Property Improvements
FirstTrust also offers Home Improvement Finance to homeowners seeking to renovate, expand, upgrade or complete their residential properties.
The facility covers eligible properties acquired at the carcass stage where the owner requires additional financing to complete construction.
However, the bank requires the property to have valid title documentation in the borrower’s name and to satisfy its 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.
The facility does not require an equity contribution, while repayment options are structured subject to the bank’s assessment and approval processes.
The product is therefore positioned for homeowners who already have residential property but require additional funding to complete or improve the asset.
Diaspora Mortgage Targets Nigerians Abroad
Recognising the interest of Nigerians living and working outside the country in acquiring property at home, FirstTrust has also developed a Diaspora Mortgage facility.
The product is available to eligible Nigerians seeking to acquire residential property in Nigeria.
According to the bank, qualifying applicants include permanent immigrants with valid work permits and verifiable income records, as well as self-employed professionals with satisfactory business track records.
The Diaspora Mortgage comes with a long-term repayment tenor and requires a minimum equity contribution of 50 per cent.
The individual obligor limit is up to ₦100 million, while repayment is facilitated through mandatory direct debit.
The bank said the interest rate is negotiable, while 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 Nigerians in the diaspora with a structured route to financing residential property acquisition through a regulated mortgage institution in Nigeria.
Short-Term Loan Offers Up to ₦30 Million
FirstTrust has also introduced a Short-Term Loan facility for eligible salaried employees of approved organisations and high-net-worth self-employed individuals.
The facility provides financing of up to ₦30 million, subject to the bank’s credit assessment and approval.
Borrowers can repay the facility over a period of up to 24 months.
The bank said applicants do not require an equity contribution, but the facility must be secured by a memorandum of deposit of a property covered by a legible and acceptable title document.
The arrangement is designed to provide eligible customers with structured access to credit while allowing repayment through an agreed schedule.
FirstTrust Highlights Responsible Lending
Managing Director and Chief Executive Officer of FirstTrust Mortgage Bank Plc, Dr Korede Adedayo, said the bank recognises that customers have different financial circumstances and homeownership objectives.
“At FirstTrust Mortgage Bank Plc, we recognise that every customer has unique financial circumstances and aspirations,” Adedayo said.
He explained that the bank’s approach focuses on providing structured financing solutions for customers at different stages of their homeownership and financial journeys.
He added that the products cover customers seeking to acquire homes, improve existing properties, refinance mortgages, invest in property from the diaspora or address legitimate short-term financial needs.
FirstTrust’s official profile identifies Adedayo as its Managing Director and Chief Executive Officer. The bank says it focuses on mortgage and real estate finance solutions aimed at supporting homeownership in Nigeria.
Financing Portfolio Comes Amid Housing Finance Demand
FirstTrust’s latest financing options come as mortgage and property finance remain important components of Nigeria’s housing market.
The bank has also recently unveiled other mortgage products, including Outright Purchase Mortgage, Construction Mortgage, Construction Finance and Equity Release.
Those products include facilities of up to ₦250 million and repayment tenors extending to 20 years, depending on the product and applicant category.
Under its Equity Release facility, for example, eligible property owners can access financing of up to 70 per cent of a property’s Open Market Value, subject to a maximum facility of ₦200 million and other lending requirements.
The broader product range indicates the bank’s focus on providing different financing structures for people at various stages of property ownership, from purchasing completed homes to constructing properties or unlocking value from existing assets.
Customers Advised to Confirm Requirements
FirstTrust said prospective customers should engage its representatives for detailed information before applying for any of the facilities.
The bank said applicants should confirm eligibility requirements, documentation, applicable fees, interest rates, security requirements and other terms and conditions attached to each product.
The actual amount a customer can access and the applicable repayment structure remain subject to the bank’s assessment and approval processes.
Through the expanded portfolio, FirstTrust Mortgage Bank said it remains focused on deepening access to housing finance while providing structured lending solutions for eligible Nigerians seeking to own, improve, refinance or invest in residential property.
