FIRSTTRUST LAUNCHES NEW MORTGAGE PLANS

FirstTrust Mortgage Bank has introduced new mortgage and real estate financing solutions aimed at helping more Nigerians buy, build and invest in homes.

The new products provide financing of up to N250m, with repayment periods of up to 20 years, depending on the facility and the customer’s eligibility.

The bank said the offerings are designed for different categories of customers, including salaried workers, self-employed professionals and commercial property developers.

The products include an Outright Purchase Mortgage for customers buying completed properties, a Nigeria Mortgage Refinance Company-backed mortgage with longer repayment terms, a Construction Mortgage for individuals building or completing homes, Construction Finance for developers and an Equity Release facility for existing property owners.

Under the standard purchase mortgage, customers can access up to N250m with a repayment period of up to 10 years. The NMRC-backed option offers repayment of up to 20 years, while the Equity Release product allows eligible property owners to access up to 70 per cent of their property’s open market value, subject to a maximum of N200m.

FirstTrust said the initiative is part of its effort to reduce the financial barriers associated with homeownership and support increased housing development in Nigeria.

The bank’s Managing Director, Korede Adedayo, said the products were developed to give customers clearer financing options while supporting developers in delivering more housing units.