FIRSTTRUST EXPANDS MORTGAGE AND PROPERTY FINANCING OPTIONS

FirstTrust Mortgage Bank Plc has expanded its range of mortgage and property-financing products aimed at helping Nigerians finance home purchases, renovations and other legitimate financial needs.

The bank said its offerings are designed for homebuyers, existing homeowners, salaried employees, self-employed professionals, public and private sector workers, as well as Nigerians living in the diaspora.

Its products include mortgages, home mortgage refinancing, home improvement finance, diaspora mortgages and short-term loans.

Under the Home Mortgage Refinance facility, eligible customers can refinance an existing mortgage obtained from another financial institution. The facility is available to qualifying private and public sector employees and self-employed professionals with verifiable income, good credit records and satisfactory business histories.

FirstTrust said the refinancing option requires no equity contribution and offers flexible repayment arrangements, subject to the bank’s lending criteria.

The bank’s Home Improvement Finance is available to homeowners seeking to renovate, upgrade, expand or complete residential properties. Customers can access up to 25 per cent of the property’s value, with repayment periods of up to three years.

For Nigerians living abroad, the Diaspora Mortgage provides financing for residential property purchases in Nigeria. Eligible applicants can access up to N100m, with a minimum equity contribution of 50 per cent.

The bank also offers short-term loans of up to N30m to eligible salaried employees and high-net-worth self-employed individuals, subject to credit assessment and approval.

FirstTrust Managing Director and Chief Executive Officer, Korede Adedayo, said the bank’s products were structured to accommodate customers at different stages of their homeownership and financial journeys.