Getting a mortgage in South Africa as a foreigner: UK guide

The contents of this article is for informational purposes only and does not constitute legal or tax advice. Decisions related to tax should be made after thorough research, consultation and verification from a qualified financial and legal advisor.

Buying a property in South Africa? You’ll need to get your financing sorted, whether it’s a holiday home, investment property or your new family home (if you’re moving to the country permanently).

We’re here to help, with a complete guide to getting a South African mortgage for foreigners. This includes info for UK expats and non-residents on the types of mortgages available, interest rates, fees, eligibility requirements and how to apply.

And if you’re looking for ways to save money on currency exchange when sending a down payment or mortgage fees to South Africa, check out the money services provider Wise.

You can send large transfers with Wise for low fees* and mid-market exchange rates - making it ideal if you’re sending a secure international transfer.

In this article:

Can you get a mortgage in South Africa as a non-resident? Getting a mortgage in South Africa from the UK after Brexit Mortgage eligibility criteria for UK citizens in South Africa Is it easy to get a mortgage in South Africa? Step by step guide on how to apply for an South African mortgage as a foreigner Which documents do you need as a non-resident? How long does it take to get a mortgage in South Africa? Fees and costs for getting a mortgage in South Africa Valuation fees Initiation fees Bond registration fees Other fees and costs South African banks or lenders offering mortgages to foreigners Mortgage rates in South Africa Can you get a UK mortgage to buy property in South Africa? Do banks offer Buy-to-Let (BTL) mortgages in South Africa? Refinancing a mortgage in South Africa Types of mortgages in South Africa Fixed rate mortgages Variable rate mortgages Final tips for getting a mortgage in South Africa as a non-resident Manage your overseas property costs with Wise FAQs Do I need a South African bank account to buy a house in South Africa? Can you get a 100% mortgage in South Africa? What’s the age limit for mortgages in South Africa?

Can you get a mortgage in South Africa as a non-resident?

Yes, you can get a mortgage in South Africa as a non-resident.

However, foreign citizens and non-residents face a number of additional requirements and restrictions compared to local applicants.

Here are the key things you need to know:¹

• You’ll need to get an approval certificate from the South African Reserve Bank (SARB), proving that you’re entitled to get a mortgage in the country
• Banks and other lenders may only offer mortgages up to 50% of the property value, so you’ll need a very large deposit
• If you have a South African residence permit (and have been in the country for at least 5 years) or a work visa, this limit may increase up to around 75%
• You may struggle to get a mortgage if you have any kind of criminal record
• You may need to open a South African bank account.

However, it all depends on the individual lender and their eligibility criteria and processes. You may need to contact a few banks and lenders for more information.

It’s also useful to know that mortgages are known as bonds in SA and lenders are called ‘originators’.

Getting a mortgage in South Africa from the UK after Brexit

The UK leaving the EU has had no effect on the process of getting a mortgage in South Africa as a British citizen.

When it comes to lenders, you should be treated the same as any other foreign national. Although unfortunately, this may mean more paperwork, stricter requirements and less favourable rates compared to South African locals.

Mortgage eligibility criteria for UK citizens in South Africa

The eligibility criteria for mortgage applications will vary between lenders.

You’ll usually need to meet the following requirements:¹

• You have the required funds to afford the deposit, which could be as high as 50% for non-residents and foreign nationals
• You mustn’t be over 70 years old at the end of the mortgage term - or you’ll need to have a mortgage with a shorter term
• You have a South African bank account with which to make mortgage repayments.
• You have a steady income and your debt-to-income ratio (the amount of outgoings as a percentage of your income, including mortgage repayments) is no more than 33% to 35%.
• You have a clean credit history
• Your application is approved by the South African Reserve Bank (SARB).

Is it easy to get a mortgage in South Africa?

If you meet the criteria, getting a mortgage in South Africa can be relatively straightforward. However, it’s likely to involve plenty of paperwork.

Like in other countries, the approval process is heavily focused on affordability and financial risk, so you’ll need to provide accurate and extensive details about your income, earnings, outgoings and assets.

You may also face complications if you have a poor credit history, too many debts or a criminal record.

The good news though is that English is widely spoken in South Africa, and it's the main language used for business (including banks and finance). So you won’t have the added challenge of having to use translators or have documents translated.

Step by step guide on how to apply for an South African mortgage as a foreigner

To give you an idea of what to expect, here’s how to get a mortgage in South Africa, step-by-step:

1. Get a South African Reserve Bank certificate - speak to the bond provider or your broker for info on how to do this
2. Find a mortgage. You might want to use a specialist broker to find and apply for a suitable mortgage, but you can also apply directly with a bank or lender.
3. Request an agreement in principle (AIP) - this confirms you’re eligible for a mortgage and shows an estimate of how much you can borrow. This will be useful when you start your property search.
4. Open a South African bank account
5. Start your property search. Once you’ve found a property to buy and have had an offer accepted, you’ll sign the preliminary sale agreement and pay a deposit.
6. Gather your documentation
7. Submit your mortgage application with the bank or lender.
8. The lender may carry out a valuation or appraisal on the property - a fee may apply for this.
9. The lender will issue you with a mortgage offer. Read the details, terms and conditions carefully before accepting.
10. Make arrangements for transferring funds, so you can pay any mortgage application fees.
11. Sign the mortgage agreement.

Which documents do you need as a non-resident?

The exact documents you’ll need to apply for a mortgage in South Africa will vary between lenders.

But here’s an idea of what you’re likely to need:¹

• Your completed mortgage application form
• Your UK passport or other government-issued ID card
• Your South African Reserve Bank certificate
• Proof of income - such as recent payslips, employment contracts and tax returns. If you’re self-employed, you’ll need several years of audited accounts.
• Recent bank statements
• Proof of address, such as recent utility bills
• Proof of legal residence or your work permit for South Africa
• An international credit check (if requested by the lender).

If you’re applying for your mortgage while outside the country, some or all of your documents may need to be notarised - check with the lender to find out if this is the case.

How long does it take to get a mortgage in South Africa?

It can potentially take up to 8 weeks to get approved for a mortgage in South Africa,¹ although it could be quicker in some cases.

It’s crucial to make sure all your paperwork is in order before starting the process, to help you avoid any delays.

Fees and costs for getting a mortgage in South Africa

Applying for a mortgage in South Africa usually involves some fees. The main ones to know about are:

• Valuation fees
• Initiation fees
• Bond registration fees

If you use a broker, they will also charge a fee.

Valuation fees

If the lender requires a valuation of the property, you can expect to pay a valuation survey fee of between R1,000 and R3,000.¹

It’s important to note that this valuation survey only looks at the value of the property, and won’t identify any structural, maintenance or other issues. You’ll need to commission your own building survey for that.

Initiation fees

This is the main fee paid to the lender for taking out the mortgage. It’s equivalent to an arrangement fee in the UK.

The exact amount varies by lender, mortgage product and the size of the loan. But you expect to pay between R200 and R5,000.¹

Bond registration fees

This fee is paid to the conveyancing attorney who carries out the legal work to register the mortgage/bond over to the title deed for the property. This process happens separately from the bank or lender’s mortgage application process. It usually costs between R70 and R1,250.¹

Other fees and costs

You may also encounter some of these other costs when applying for a mortgage in South Africa:

• Broker fees (if you’re using a broker) - these costs vary by provider, so you’ll need to get quotes.
• Transfer fees - if you need to make payments between countries to pay the down payment or the fees above, you may incur fees.

South African banks or lenders offering mortgages to foreigners

If you’re a South African resident, you should have the same choice of mortgages as a South African citizen. The requirements for application are also likely to be similar.

But if you’re not living there, you might find that you have slightly fewer options as a foreigner. You may also have to meet a higher eligibility threshold.

Either way, you must use a registered South African bank to get a mortgage to buy property in South Africa.

To help you start your search, here are a few of the major local banks which do offer loans for foreign expats and non-resident mortgages in South Africa:

• Standard Bank
• Absa
• First National Bank (FNB)

Mortgage rates in South Africa

As of 1st August 2025, the average prime lending rate in South Africa is 10.5%.²

This is the benchmark interest rate that banks use when lending to their most creditworthy customers. It’s directly linked to the repurchase rate (known as the repo rate) set by the South African Reserve Bank (SARB).

However, it varies considerably by lender and product type. The rate you’re offered will also depend on your circumstances and eligibility, the amount you’re borrowing and how much of a deposit you have.

And remember that mortgage rates fluctuate regularly - so you’ll need to check the updated rates when you’re ready to apply for your mortgage.

Can you get a UK mortgage to buy property in South Africa?

You might find it difficult to get a mortgage in the UK to finance your property purchase over in South Africa.

Not many UK banks and lenders offer what are often known as ‘overseas mortgages’ secured against property in other countries.

You could potentially look at remortgaging an existing property you own in the UK, borrowing more to raise funds for your purchase in South Africa.

Crucially, you should only do this if you can afford the repayments. It could also be a good idea to seek professional financial advice first.

Do banks offer Buy-to-Let (BTL) mortgages in South Africa?

Yes, some banks in South Africa offer buy-to-let (BTL) mortgages. These are mortgages used specifically to buy property to rent out, in order to earn rental income as a landlord.

These typically have different interest rates and eligibility requirements compared to standard residential bonds.

Refinancing a mortgage in South Africa

It’s also possible to refinance your mortgage in South Africa. The application process works in the same way as applying for the initial bond. The new bond will be registered according to the new value of the property (rather than its value when you first registered the initial mortgage).³

Remortgaging can help you access equity and borrow more money, such as to fund another property purchase without having to sell your first property.

You’ll just need to make sure you can afford the repayments and aren’t overstretching yourself.

Types of mortgages in South Africa

You can find many of the same types of mortgage in South Africa as in the UK, with two of the most common options being fixed term and variable rate mortgages.

Here’s a little more about each:

Fixed rate mortgages

One of the most popular repayment mortgages around, fixed-rate deals typically offer low rates and greater financial security.

In South Africa, the interest rate for this kind of mortgage tends to stay the same for a period of 5 years.¹ This gives you peace of mind that the rate won’t increase during this period, so your payments stay the same.

Potential downsides include missing out on cheaper repayments if rates go down, and having to pay higher interest rates compared to variable rate mortgages.

Variable rate mortgages

In South Africa, variable rate mortgages are one of the most common types of mortgage. The rate goes up and down in line with rates set by the South African Reserve Bank (SARB).¹

This means the rate can fluctuate, so you could end up paying more or less in monthly repayments.

Final tips for getting a mortgage in South Africa as a non-resident

To stand the best chance of getting accepted for an South African mortgage as a non-resident, bear these tips in mind:

• Ensure you have a large enough deposit
• Get tailored advice for foreign applicants, to help you find suitable non-resident mortgages in South Africa.
• Make sure you have all your documentation in order, especially relating to income, employment and savings. You may also need to have some documents notarised.

Manage your overseas property costs with Wise

If you’re sending your deposit and mortgage fees to South Africa from the UK, you may incur hefty transfer and exchange fees when converting your British pounds to South African rand (ZAR). This is where Wise and the Wise account can help you save money.

Open a Wise account online and you can start managing your money in 40+ currencies. It’s not a bank account and offers customers an alternative option to a conventional bank account, but has similar features.

Here’s an overview of the main benefits for using Wise:
Fast and easy setup with no physical paperwork Low, transparent fees* Mid-market exchange rate for currency conversions Fully trackable transfers Fast transfer times Advanced security features with two-factor authentication and real-time notifications Dedicated support for large transfers

Sign up with Wise today

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FAQs

Here are some of the most common questions:

Do I need a South African bank account to buy a house in South Africa?

Yes, you’ll usually need to open a South African bank account to buy a home and get a mortgage in South Africa.

Even where it’s not mandatory, having an international account in South African rand (ZAR) could make the process of buying and selling property much easier.

Can you get a 100% mortgage in South Africa?

It’s difficult but not impossible to get a 100% mortgage in South Africa. They may have specific conditions attached, or only be targeted at first-time buyers.

However, it’s not usually possible to get a 100% mortgage as a foreign citizen or non-resident, as lenders typically only offer loan-to-value (LTV) ratios of up to 50% to these applicants.¹

What’s the age limit for mortgages in South Africa?

Lenders in South Africa may refuse applications from people who will be over 70 years old at the end of the mortgage term.¹

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Sources used:

1. Online Mortgage Advisor - Getting a Mortgage In South Africa
2. Ooba Home Loans - Home loan interest rates: What your bond will cost in 2025
3. Ooba Home Loans - Refinancing your home loan: Everything you need to know

Sources last checked on date: 21-Oct-2025