FirstTrust Mortgage Bank
FirstTrust Mortgage Bank has unveiled a range of mortgage and property-financing products aimed at helping individuals, self-employed professionals and property developers buy, build and unlock value from residential properties.
The bank disclosed this in a statement, saying the products were designed to meet different housing and property investment needs through varying financing limits, repayment periods and equity requirements.
The products include Outright Purchase Mortgage, Outright Purchase Mortgage under the Nigerian Mortgage Refinance Company (NMRC) framework, Construction Mortgage, Construction Finance and Equity Release.
According to the company, customers seeking to purchase completed residential properties can access up to N250 million under its Outright Purchase Mortgage, with a repayment period of up to 10 years.
According to them, the facility is available to salary earners in the private and public sectors as well as self-employed professionals with satisfactory business track records.
The mortgage requires an equity contribution of 20 per cent from salary earners and 30 per cent from self-employed applicants, with repayment through monthly principal and interest payments. Couples can also apply jointly, enabling spouses to combine their resources towards homeownership.
For customers seeking longer repayment periods, the Outright Purchase Mortgage under the NMRC framework offers a tenor of up to 20 years, subject to applicable underwriting requirements.
The company said the facility requires 20 per cent equity from salary earners and 40 per cent from self-employed customers, while the obligor limit for individual customers is N50 million.
FirstTrust also said its Construction Mortgage was designed for customers who prefer to build their homes rather than purchase completed properties. The facility offers a tenor of up to 10 years, with funds released in tranches based on agreed construction milestones.
For corporate entities and estate developers, the bank’s Construction Finance provides funding for housing estate development for up to three years, with disbursements tied to agreed construction milestones.
Developers are required to provide 50 per cent equity and adequate collateral, while the facility also includes risk-mitigation requirements such as life insurance for developers covering not less than 50 per cent of the principal.
The bank said property owners could also use its Equity Release facility to unlock part of the value of existing real estate assets for approved financial needs.
Under the product, 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 company said the facility does not require additional equity contribution and offers flexible repayment arrangements.
Speaking on the products, the Managing Director and Chief Executive Officer of FirstTrust Mortgage Bank, Dr Korede Adedayo, said the bank understood that homeownership was about more than acquiring a property.
“At First Trust Mortgage Bank, we understand that owning a home is more than a transaction; it is about security, dignity, and building the future,” he said.
Adedayo said the products were developed to reduce barriers to homeownership while supporting 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.
