Mortgages in South Africa
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South African Mortgages
If you require finance to purchase a property in South Africa , then mortgages.co.uk can help, we are giving you the opportunity to take expert advice from an experienced team of licensed credit brokers, who have over 20 years experience.
Based upon the valuation or purchase price of your property (whichever is lower), you can borrow up to 80% of the value for purchase (or re-mortgage of an existing property for the purpose of home improvement). A loan for any other reason will be dealt with case by case. You can borrow for a term of up to 20 years, these loans are available to individuals up to the age of 70.
Current interest rates as at 2005 is about 7% in SA Rand
The minimum you can borrow is £20,000 the maximum repayment period is 25 years, and applications will be considered for individuals up to the age of 70. Current interest rates as at 5th July.
The example below is based upon a repayment mortgage in SA Rand, and does not take into consideration the cost of a mortgage protection plan.
Repayment mortgage of £ 100,000 over a period of 20 years at an interest rate of 15.00% = £ 1,332.00 capital & interest per month = a total approximate amount payable over a term of £ 321,680 including capital, interest, arrangement and survey fees. The income criteria is variable Bank Reference and Employers or Accountants reference if self-employed Existing borrowing in the UK and Overseas will be taken into account 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. |
Written quotations are available on request.
How much can I borrow & what proof of income is required?
There are no non-status/ self-certification mortgage facilities available in South Africa, however renting out your property is permitted, therefore all loans need to be supported by a minimum of, proof of income. If you are employed, you will need to produce, your last three months payslips, P60/employers reference and your last 6 months Personal bank statements. If you are self-employed you will need copies of your Audited Accounts together with you last 12 months business, and 6 months personal bank statements.
South African Lenders will not take into account any proposed rental income from the property that you wish to buy.
Your loan will be based on your personal (or joint) 'net' pay, and is calculated on an affordability basis. For you to be considered by the lenders in South Africa you total out-goings must not exceed 35% of your net monthly income.
A simple example; If your total net monthly income is £1,000, your total out-goings must not exceed £350, you must have £650 per month to be put towards the mortgage repayments to be considered.
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