Do I qualify for a South African mortgage?
To qualify for a mortgage in South Africa, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Conti won’t charge you for this service.
How much can I borrow?
Calculation based on the valuation or purchase price, whichever is the lower
Up to 80% of valuation or purchase price for ex-pat South Africans, however if you are a non-South African national the maximum is currently 40% of valuation.
Based on joint net pay, where joint income is applicable
Existing liabilities, e.g. mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed South African mortgage payments. All this must not exceed 30% of your monthly net income
What evidence of income do I need?
If you are employed:
Your last three month’s payslips
Your latest P60 or Employers Reference
Your last three month’s personal bank statements
If you are self-employed:
Your latest audited accounts and tax returns
Your last three month’s business bank statements
Your last three month’s personal bank statements.
Example mortgage payments
If, for example, your net joint monthly income is £2,500, 30% of this equates to £750. If your only liability is your mortgage payment, of say £300, this would leave a balance of £450 for your South African mortgage repayment.
What types of South African mortgages are available?
For our latest rates and to see the different types of South African mortgages on offer, please see below..
Loans are available up to 80% of valuation or purchase price for South African Nationals, and up to 40% for non South African nationals, in Rands only
The maximum term of any mortgage is 20 years, this varies on the type of loan
Repayment mortgages only are available for loans over ten years, but part Repayment and Interest Only loans are available for under ten years
The minimum loans you can take out are Rand 500,000 "onshore" or Rand 2,000,000 "offshore"
Max term 20 years
£ 50,000 minimum loan
Repayment and Interest only mortgages
