Financing a Nigerian property from the UK

The question we are asked most often by clients in London is whether they can get a mortgage for a Nigerian property from the UK. The short answer is that a UK lender will not secure a loan against a Nigerian title, so the mortgage route people imagine does not exist in that form.

What does exist is a set of workable alternatives, and the buyers who complete smoothly are the ones who picked their route before they fell in love with a property rather than after.

Nigerian bank diaspora mortgage products

Several Nigerian banks offer mortgage products aimed specifically at non resident Nigerians. They typically require proof of foreign income, a Nigerian bank account with a history behind it, and a deposit that is meaningfully larger than a domestic buyer would be asked for. Rates are Nigerian rates, which is the part that surprises people who have been comparing against UK figures.

Releasing equity in the UK

Remortgaging or drawing on an existing UK property is, for many of our clients, simply cheaper. You are borrowing in sterling at sterling rates against an asset a UK lender understands. The currency exposure then sits with you rather than with a lender, which is a real risk and should be treated as one.

Developer payment plans

For off plan purchases, most reputable developers offer staged payment plans across the construction period. This is genuinely useful, and it is also where the most money is lost in this market, because a payment plan with a developer who does not complete is not a payment plan. It is a donation. Verification of the developer matters more here than anywhere else.

The question asked too late

How will the funds actually move, and what protects them in transit. Currency controls, documentation requirements and the sheer time a large transfer takes all need to be planned before a completion date is agreed, not during. Every purchase we handle goes through escrow, so funds release against the transfer of title rather than against a promise, and we set the payment mechanics out in writing before anyone commits to a date.

None of this is legal or financial advice, and your circumstances will differ. It is the shape of the decision, so you can have a better first conversation with your own adviser.