My articles are based on my daily and weekly experience practicing law as a legal practitioner called to the Supreme Court of the Federal Republic of Nigeria.

On every brief that I handle, I go back to my Chambers to write on them so that I can educate my readers and followers on social media. That been said, Let’s look at the topic ‘Buying that house through Mortgage: Nigeria’s perspective’.

Mortgage is a very enormous and exhaustive topic to deal with, either for academic purpose or for just general knowledge. Truthfully, most people with legal minds choose to refrain from this topic because of its complexity and density. It is however important to know that mortgage is a very important aspect of property law and provides great advantages for property investors in Nigeria. But it sad that mortgage in Nigeria does not have as much recognition as it does in other developed and developing countries. It therefore gives me great pleasure writing this article on mortgage to enlighten my readers and the general public.

Contrary to popular believe, getting a mortgage in Nigeria is not so difficult as long as one can meet the requirement of the banks or what every organization requires even if you are staying abroad. But first, let us understand what a mortgage is.

Mortgage is mostly associated to property and Land for the purpose of this article, which is the subject of concentration. A Mortgage is a loan taken out to buy property or land. It is the transfer of title to land to another to secure a loan. The loan is SECURED against the estimated expanse of your property/home until it is paid off. If you can’t keep up your payments, the lender can recover your land/home and sell it so they get their money back.

In a mortgage transaction, the lender or the person who obtains the interest in the property is called the “MORTGAGEE”, the borrower or conveying party is called the “MORTGAGOR” while the debt for which the security is created is called the “MORTGAGED DEBT” and in the event of the mortgagor’s bankruptcy, the mortgagee acquires real security on whatever has been mortgage.

HOW DO YOU CREATE A MORTGAGE.

There are generally two broad method of creating a mortgage. These methods are: Legal and Equitable mortgage.
Read full article here : http://www.ibejulekkilawyer.com/buying-that-house-through-mortgage-nigerias-perspective/

Can you tell us in more detail exactly how you bought the house and what you did with the documents? I want to take out a loan and arrange everything through a broker

In conditions when it is necessary to get a loan, and there is no time to scrupulously study the offers of banks. It can be difficult for me to do without a professional intermediary. According to research, of all those who want to use a mortgage:
- 40% are looking for a mortgage loan by simply calling all banks;
- 22% use information and recommendations from their friends and acquaintances;
- 6% use information provided on the Internet.
It may not be difficult to find a bank that issues mortgage loans, but only professional consultants are able to assess and select the most profitable loan of all those offered on the market for each specific case.
It is easier for me to work through the broker Mortgage Advice York who will take care of everything. His responsibilities include assessing your situation in terms of solvency and creditworthiness, in terms of what you plan to acquire, whether you have the opportunity to attract a co-borrower, how long have you been working in last place, etc. This is the solution so that later there will be no problems both for you and him.