South Africa - Property As Security
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South African Property as Security
Mortgages.co.uk can now help you to finance your overseas home by using the South African property as security.
If you need finance to help you to purchase your South African property, then mortgages.co.uk can help. We have joined with a team of licensed credit brokers, who have over 20 years experience. Whether you wish to purchase your first home or re-mortgage, we can help.
Based on the valuation or purchase price, whichever is the lower, of the South African residential property, UK and Non-UK applicants can borrow up to 80% of the value of the property for purchasing a new home and up to an 80% re-mortgage for home improvements. Re-mortgages for any other purpose will be dealt with individually. There is no maximum amount you can borrow, however the minimum is £80,000. The mortgage can be repaid over various time-scales; however the maximum is 20 years, and can be available up to age 70. Current interest rates as at January 2003 are from 15.00% in SA Rand.
The example below is based on a repayment mortgage for £100,000
Written Quotations Available On Request.
£100,000 over a period of 20 years at an interest rate of 15.00% means a repayment of £1,332.00 per month, and a total approximate amount payable over the 20 year term of £321,680 including capital, interest, arrangement and survey fees. Your net income is the main criteria that will be looked into when you apply for a mortgage in South Africa, and all your existing debts both at home and abroad will be taken into consideration.
ALL ENQUIRIES WILL BE DEALT WITH ON A CASE BY CASE BASIS & ARE SUBJECT TO SATISFACTORY CREDIT STATUS & VALUATION
Please note, that as the loan is secured on the overseas property, it is not covered by the UK Consumer Credit Act or the UK Mortgage Code.
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