GTMortgage loan Requirements in England, Wale and Nigeria – And how to apply

GTMortgage provides credit facilities to customers whose salaries or business proceeds are deposited with the Bank in order for them to purchase a home in selected cities throughout the country. This includes the acquisition of properties in Nigeria for investment purposes through subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, and Sierra Leone, as well as the United Kingdom….. England and Wales.
The applicant must be a confirmed employee of a reputable company with a minimum of one month’s experience with the current employer.

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However, the property would be fully insured against fire and special perils at the applicant’s expense.

GTMortgag is a credit facility (term loan) that assists applicants in partially financing the purchase of residential property in locations acceptable to GTBank. In Nigeria, the maximum loan amount available through GTMortgage is N150 million…… In Nigeria, the minimum facility amount for GTMortgage is N5 million.

What are the repayment options for GTMortgage?

The applicant has the option of repaying principal and interest in equal monthly installments or repaying principal quarterly, semi-annually, or annually while servicing interest on a monthly basis.

What documents do I need to obtain GTMortgage Approval?

1. The vendor’s offer

2. A photocopy of the title document

3. Completed GTMortgage loan application form

4. A properly completed GTMortgage Employer Undertaking form (v) a report on the clean search (vi) a report on the valuation.

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What is the maximum term available through GTMortgage?

GTMortgage has a maximum term of 20 years. However, this is contingent upon the number of years remaining until retirement, whichever is less. Based on the retirement age of 55, a 45-year-old applicant can borrow for a maximum of ten years. And GTMortgage’s minimum term is one year.

Where in Nigeria has GTBank approved locations for GTMortgage?

GTBank has approved low and medium density areas in Lagos, Abuja, Port Harcourt, and all state capitals for GTMortgage.

GTMortgage in the United Kingdom of Great Britain and Northern Ireland

GTMortgage offers residential mortgages in England and Wales, with a minimum loan amount of £250,000, a maximum loan term of 20 years, and a minimum equity contribution of 35%.

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GTMortgage Eligibility in England and Wales

To be eligible for a GTMortgage in the United Kingdom of Great Britain and Northern Ireland, applicants must meet the following criteria.

1. Eligibility of current account holders

2. The property must be located in the United Kingdom of Great Britain and Northern Ireland.

3. GTBank UK requires the mortgage property to have the first legal charge over it.

4. All applications require a Standard Valuation Report prepared by an approved valuer.

5. The property must be let on a short-hold assured tenancy basis (ASTs)

6. In the case of leasehold properties, confirmation from our legal advisors that the lease has a minimum remaining term of 60 years from the date of disbursement.

7. Contribution of at least 35% of the property’s value in equity

8. A loan of at least £250,000 is required.

How to Obtain a GTMortgage

To apply for one of our buy to let Gtbank mortgages, please visit a branch near you:

However, customers in England and Wales should contact mortgages@gtbankuk.com.

Alternatively, send a letter to Gtbank at 60-62 Margaret Street, London W1W 8TF.

Call +44 (0)20 7947 9779; +44 (0)20 7947 9770; +44 (0)20 7947 9785; +44 (0)20 7947 9766; or +234 1 448 0917.

 

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