Cape Town Home for a UK Couple on Critical Skills Visa
ZAR 4,200,000 · 20 years · Prime +0.25%. A UK couple had relocated to Cape Town on Critical Skills visas - she as a medical specialist, he as an IT architect.
The Client
UK Expats - Primary Residence
The Challenge
A UK couple had relocated to Cape Town on Critical Skills visas - she as a medical specialist, he as an IT architect. They needed a South African home loan but had no South African credit history. South African banks generally require local credit bureau records, which take time to establish.
Our Solution
Doulton placed the mortgage with a South African bank experienced in critical skills visa holders. The couple's foreign income history was submitted in lieu of a local credit bureau report. Exchange control confirmation letters were obtained from SARB (South African Reserve Bank) as required for non-resident purchasers bringing funds into South Africa.
The Outcome
Home purchased in Cape Town's Southern Suburbs. Family established permanently. South African credit history now building. SARB exchange control compliance fully managed. Key highlights: Critical Skills visa accepted by South African bank; SARB exchange control compliance managed; UK credit history used in absence of South African bureau record.