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South African
Mortgages
If you require
finance to purchase
a property in South
Africa , then Justcredit.biz
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.
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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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