Cyclical Mortgage

The newest member of our family of products is the Cyclical Mortgage. This is a mortgage product for those who do not receive a regular monthly income but who receive their income on a cyclical basis. Under the Cyclical mortgage, we will set your repayments on pre-agreed cycles to suit your income flow thus offering quarterly, half-yearly or yearly repayments.

The cyclical mortgage product is a product that will enable specific customer groups to qualify for a mortgage which they repay in set cyclical periods based on their income flows. Who is it for?

• Large Commercial Farmers
• SME Business Owners
• Landlords with leased premises
• Professionals under contract (Consultants, engineers on contract etc)
• Schools / Institutions receiving fees 2 / 3 times a year
• Those who earn their income on a periodical basis.

Benefits

• Offer customers convenience of repaying their mortgages in pre-agreed cycles that correspond to their income receipts.
• Enabling customers, esp. farmers and SME’s to access working capital loans.
• Providing mortgages to farmers and others who previously have had difficulty in accessing this product.
• Access to various products and services offered by Housing Finance including: 3 Plan Mortgage products

1.Start-up Plan – up to 20 years
2.House Plan - 5-12 years, and
3.Ace Plan for a term not exceeding 5 years.

• Equity Release – allows you to borrow on the value of your own equity acquired from repayment of your mortgage.

General Requirements

• Copies of Identification documents
• Copy of the PIN Certificate
• Fill our application form
• Open a Lengo savings account
• If the account is joint, please provide copies of a marriage certificate

For Self Employed Persons

• Audited accounts for last three years
• Originals or certified copies (by bank) of bank statements for the last 1 year
• Business registration certificate
• Cash Flow projections for three years
• Projected Balance Sheet & Profit & Loss Statement for three years
• Copy of latest annual returns
• A note giving brief history of business and nature of business

For farmers;

The requirements for appraising and processing a farmer’s income should comprise the following in addition to those in the general requirements:-

• Bank statements for the last 3 years.
• A cash flow forecast covering the next 3 years.
• Farming experience of the applicant.
• Farming activity location, size and terms of land ownership e.g. uprightly owner, leased etc
• Source and cost of farm input like fertilizers & chemicals, seeds, machinery, labor, storage and other associated costs.
• Proof of Market for the farm produce.

If you have already identified your property of choice, kindly provide:

• Sale agreement / draft
• Sale agreement / letter of offer
• Copy of title
• Payment of valuation fees as will be advised

Click here to apply