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Refinance and equity release
Pay less on the loan you have, or unlock the home you own.
Move a mortgage or a high-rate personal loan secured on your home to Cornerstone, or raise money against a home you own outright for school fees, a business or a family need.
Who it suits
Homeowners paying too much, or holding value they cannot use.
If you bought with an expensive loan, or built your home with savings over many years, the value in it can work for you. We lend up to 60% of the current value.
- Clear an expensive loan and lower your monthly cost
- Raise funds for school fees, a shop or a second property
- Valuation at today's market price
- Terms from 3 to 15 years
How it works
Step by step, with typical times.
- 11 day
Tell us the goal
Lower repayments, release cash, or both. We give you an indicative figure.
- 27 days
Valuation
An approved valuer visits and values the home at today's price.
- 33 days
Settlement figure
If you have an existing lender, we request their redemption figure.
- 42 days
Offer
Written offer with the new monthly repayment and all fees.
- 57 to 10 days
Completion
We pay off the old lender directly and release any cash to your account.
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
- ₦60,000,000
- Your deposit
- ₦30,000,000
- Loan
- ₦30,000,000
- Example rate
- 19.5% a year
- Term
- 15 years
- Monthly repayment
- ₦515,841
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.
Title and valuation
Your title documents and access for the valuer.
Statement
Latest statement and redemption figure from your existing lender, if any.
Proof of earnings
Six months of statements and payslips or business accounts.
In pictures
Homes refinanced with us (example photos).
Questions
Asked often about this mortgage.
How much can I release?
Up to 60% of the value, less any loan you already have on the home.
Will my old lender charge me to leave?
Some do. We include their early repayment charge in your comparison so you can see if moving is worth it.
Can I use the money for anything?
Most lawful purposes, including school fees, business stock or building a second home. Tell us the purpose on your application.
Does my home need a certificate of occupancy?
A certificate of occupancy or governor's consent is best. A deed of assignment can work if the root title is sound.
Can I reduce the term instead of the payment?
Yes. Many customers keep their payment the same and shorten the term.
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.
Paying too much on an old loan?
Bring your latest statement and we will show the difference in writing.