For many young Nigerians, “mortgage” sounds like something reserved for uncles in their 50s with white-collar jobs and big stomachs. But in reality, mortgages are one of the most realistic paths to homeownership, especially in major cities like Lagos and Abuja, where outright payment feels like a Marvel superpower.
Sadly, misinformation is doing the most. These five major mortgage myths are stopping young Nigerians from buying their first homes.
Myth 1: You must be extremely rich to qualify for a mortgage
Many people think mortgages are only for millionaires or politicians. Not true. What banks actually look for is stable income, verifiable employment, and repayment ability, not vibes and intimidation. You don’t need to be “rich,” you need to be consistent. Salaried workers, entrepreneurs with structured books, and tech professionals can and do qualify.
Myth 2: Mortgage means paying forever, you’ll never finish
Another popular fear is that once you enter a mortgage, you’re locked in till retirement. In reality, mortgage tenures are structured — 10, 15, or 20 years — and you can pay off early if your income improves. Mortgages simply spread payments over time so you’re not emptying your life savings at once. It’s not “forever”; it’s flexibility.
Myth 3: Interest rates will ruin your life completely
Yes, interest rates in Nigeria can be high. But cooling inflation, better lending policies, and specialized mortgage institutions are gradually improving the landscape. More importantly, rent is also interest, you’re paying monthly without building equity. Mortgage payments, on the other hand, convert into ownership over time. The real question is not “interest rate,” it’s What am I building?
Myth 4: You must already have 100% of the property value
This one scares a lot of people. Most mortgage systems require a 10–30% down payment, not the full price. The bank funds the rest. Your job is to plan, save intentionally, and clean up your financial records. Waiting until you have the full amount in cash may delay homeownership for years — or forever.
Myth 5: Mortgages are only for people abroad, not Nigerians living here
Many Nigerians believe mortgages work only in the UK, US, or Canada. Meanwhile, local mortgage options exist through primary mortgage banks, commercial banks, and national housing programs. Are they perfect? No. Are they improving? Yes. And more young Nigerians are quietly using them to buy homes while the rest of us argue on social media.
Final Thought
Homeownership is not only for “older people with connections. With better financial planning, clearer understanding, and access to real products, young Nigerians can own homes earlier than previous generations. The biggest barrier is no longer money; it’s misinformation.
So instead of assuming, start researching your options. The door is not closed; many of us just haven’t knocked.
Photos by Precondo CA
