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Diaspora mortgage
Buy at home while you build your life abroad, with eyes on the ground.
For Nigerians working in the UK, US, Canada, the Gulf and across Europe. We check the title, inspect the builder and visit the property, so you are not relying on a cousin's word.
Who it suits
Nigerians abroad who want a home, or a home for their parents.
Buying from far away is where most horror stories come from. We act as your eyes: title search, site visits with photos and video calls with your adviser in your time zone.
- Video calls in UK, US and Gulf time zones
- Repay in naira or by transfer from abroad
- Title search and site visits included
- A trusted person in Nigeria can sign by power of attorney
How it works
Step by step, with typical times.
- 145 minutes
Video consultation
Meet your adviser on a video call at a time that suits your time zone.
- 25 days
Documents by email
Send scans; originals can follow by courier or through your attorney.
- 310 days
Title and site visit
We search the title and visit the property, then send you a photo and video report.
- 43 days
Offer
A written offer, signed electronically.
- 510 to 14 days
Completion
Your attorney signs locally if needed and we pay the seller directly.
Worked example
What it looks like in naira.
An illustration using example figures. Your own rate and repayment are confirmed in your offer letter.
- Price of the home
- ₦70,000,000
- Your deposit
- ₦21,000,000
- Loan
- ₦49,000,000
- Example rate
- 16.5% a year
- Term
- 15 years
- Monthly repayment
- ₦736,817
What the repayment covers
Each month part of your payment clears interest and part reduces the loan. In the early years more goes to interest; by the last third of the term most of each payment cuts the balance.
The figure includes building insurance and life cover on the balance. It does not include service charges for an estate or your own contents insurance.
Example details for this demo.
What you will need
Documents, gathered once.
Residence and income
Passport, residence permit, three payslips and six months of overseas statements.
Credit report
A recent credit report from your country of residence.
Attorney and account
Power of attorney for a trusted person, and a Nigerian account for repayments.
In pictures
Homes bought by customers abroad (example photos).
Questions
Asked often about this mortgage.
Can I repay from abroad?
Yes, by transfer into your Cornerstone account, or by standing order from a Nigerian account you keep funded.
Do I need to fly home to sign?
Not usually. A power of attorney lets a trusted person sign for you, and many documents can be signed electronically.
What if the builder delays?
For off-plan homes we only pay developers in stages after inspection, and we send you the inspection report each time.
Is my foreign income accepted?
Yes. We use a cautious exchange rate in our affordability check so a weaker naira does not stretch you.
Can the home be for my parents?
Yes. You are the borrower and owner, and your parents can live there.
Related
You might also look at.
Home purchase mortgage
Buy a finished home or a unit from an approved developer, with as little as 20% down.
Construction finance
Build on land you own, with money released in stages as your builder reaches each level.
Abroad and ready to talk?
Book a video call in your time zone. Evenings and Saturdays are available.