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How much deposit do you require?

Having a smaller initial deposit means that the mortgage you seek will need to cover a much high percentage of the property’s value.

As an example:
If a house cost 50 million Naira and you have a deposit of 10 million Naira. The mortgage would have to cover the remaining 40 million Naira. We then have a LTV (loan to value) of 80%.

The amount of mortgages available with high LTV in Nigeria are limited. Any such options available tend to have unattractive fees and interest rates. In order to avoid such, it’s better to save as much money as a deposit as possible, so that the actual LTV or mortgage you need can be kept to a minimum.