Current accounts and
everyday banking

Our service doesn’t stop at mortgages – we can help you set up a local bank account and transfer your money.

Current Accounts

Before we can arrange your mortgage it is recommended that you have a current account based in South Africa so that you can pay your local taxes and bills. We can arrange this for you through our South African subsidiary, Absa.

With an Absa current account you’ll get:

• A debit card that you can use to make payments both in South Africa and in the UK. Please note that exchange rate conversion costs will be added each time you use your card.
• Access to any ATM in the world to draw out money.
• Ability to set up standing orders and payments for your new home in local currency rather than needing to transfer your British pounds for every bill and mortgage payment.

The monthly fee for this account is R40. Additional charges will apply to money transfers, deposits and withdrawals. Full details of these costs are available on the Absa website at www.absa.co.za.

Insurance Product Notes

Life Assurance

As a homeowner (or a prospective one) it’s worth thinking about life assurance. In the event of your death or you incurring a severe illness or serious injury it could protect your loved ones against the financial burden of settling any outstanding debt on your mortgage.

Should you require life assurance it’s your choice which insurer you use. Currently Absa cannot provide these products to UK based customers.

Buildings insurance

With an Absa International Mortgage it is compulsory* to have buildings insurance in place on completion. You have the freedom to obtain this cover from an insurer of your choice. Currently Absa cannot provide these products to UK based customers.

*Note: Where the property is a unit in a Sectional Title complex, it is the responsibility of the Body Corporate to arrange this type of insurance on all units, with the premiums added to your monthly levy. Thus, House Owners Insurance is not compulsory on individual Sectional Title properties.