Nigerians earning below N500,000 ($333) a month are effectively locked out of the mortgage market due to high interest rates and affordability constraints, a top industry expert has said. BusinessDay report that he noted that mortgage repayments on even modest homes exceed 40% of monthly income well above global affordability benchmarks. He added:“Affordability is a major constraint; high interest rates and short tenures make mortgages unaffordable for the average Nigerian." Interest rates currently range between 18% and 27% despite a recent cut by the Monetary Policy Committee (MPC). To boost affordability, Ajadi urged innovative interventions such as subsidised interest rates, credit guarantees, rent-to-own schemes, and shared equity models.