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South Africa

At a glance:

 

Mortgage

Refinance

Equity Release

Buy to Let

Maximum Loan to value

50%

50%

N/A

N/A

Maximum Interest only period

0

0

N/A

N/A

Maximum Term

20 years

20 years

N/A

N/A

Maximum Age on completion

90

90

N/A

N/A

Average interest rates

9.95%

9.95%

N/A

N/A

Average monthly price per thousand

8.67

8.67

N/A

N/A


Process:
Mortgages in South Africa are quite slow and not very competitive. With interest rates over 10% , terms up to 20 years and a restriction on LTVs to 50%.

Approximate timelines (weekends not included):

1. Approval in principle Instant
2. Final licences Day 1
3. Property registration details Day 1
4. Application (receipt of documents) Day 1
5. Power of attorney Day 1
6. Confirmation of approval in principle Day 8
7. Valuation Day 15
8. Formal offer Day 25
9. Arrange signing Day 30
10. Signing Day 35
11. Transfer of deeds Day 35
12. Payment to developer Day 35
13. Agency of service

Day 36

14. First mortgage payment Day 36
15. Commission received Day 65

Costs:

For guidance purposes, as costs vary from lender to lender:

Cost

Amount

Payable

Broker fees 800 Up front (refundable)
Application / bank fees 200 Up front
Valuation fee 500 Up front  (refundable)
Opening commissions 1% of loan amount On signing
Registry / Notary fees 1.25% of purchase price On signing
Agency of Service 120 Annually on signing date

Currencies:
Mortgages in South Africa are available currently in Euros and Rand.