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