FirstTrust Mortgage Bank Plc has expanded its suite of mortgage and consumer financing products, targeting salaried workers, self-employed professionals and Nigerians in the diaspora seeking to acquire, improve or refinance residential properties.

The portfolio includes Mortgage, Home Mortgage Refinance, Home Improvement Finance, Diaspora Mortgage and Short-Term Loan facilities, the bank said, adding that the products were designed to cater to customers at different stages of the property ownership cycle.

Under the Home Mortgage Refinance facility, customers can transfer an existing mortgage from another financial institution to FirstTrust, subject to the bank’s Risk Assets Acceptance Criteria. The product requires no equity contribution and is open to public and private sector employees as well as self-employed professionals with verifiable income and acceptable credit histories.

The Home Improvement Finance facility offers funding of up to 25 per cent of a property’s value, with a repayment tenor of up to three years. It is designed for homeowners seeking to renovate, expand or complete construction on properties acquired at carcass stage.

Eligible properties must have valid title documentation, while no equity contribution is required.

For Nigerians in the diaspora, the bank’s Diaspora Mortgage offers a long-term repayment tenor, with a minimum equity contribution of 50 per cent and an individual obligor limit of up to N100 million.

Repayment is through mandatory direct debit, while management and commitment fees are each pegged at one per cent flat, payable upfront. The bank said the interest rate on the facility is negotiable.

The Short-Term Loan, targeted at salaried employees of approved organisations and high-net-worth self-employed individuals, provides financing of up to N30 million, with a repayment tenor of up to 24 months.

The facility is secured by a memorandum of deposit over a property backed by acceptable title documentation and, like the other products, requires no equity contribution.

Managing Director/Chief Executive Officer of FirstTrust Mortgage Bank, Dr Korede Adedayo, said the products were designed to meet customers at different stages of their homeownership and financial journeys, from property acquisition and renovation to refinancing and diaspora investment.