Union Bank UK, a wholly owned subsidiary of the Union Bank of Nigeria, is to introduce a buy-to-let mortgage scheme aimed at wealthy Nigerians wanting to buy rental properties in Britain.
The new range will be aimed at Nigerians both living in their home country and in Britain.
Stuart Hulme, the associate director of retail banking at Union Bank UK, said: “We will lend up to 70% of the value of the property for up to ten years, making UK property investment a viable proposition for many Nigerians. The whole process can be completed without the need to leave Nigeria.”
The bank will also introduce Nigerians to property finders.
Union Bank UK, which is based in the City, believes that it has spotted a gap in the market, with foreigners domiciled abroad often finding it hard to raise mortgages from British lenders.
A number of wealthy Nigerians own homes in London, and upmarket shops in the capital rank Nigerians among some of their richest customers.
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Comments
Is this not discrimination?