Request a Callback via The DCANS Contact Centre Platform.
Max. Rate: 12% p.a.
incl Cedi Mortgages
Repayment Period
Up to 30 years
No Upfront Fees
T&Cs Apply

Affordability Check

Before applying for a mortgage, you need to think about more than just whether you can afford the monthly repayments. We will look at your income and outgoings to see if you can keep up with repayments if interest rates rise or your circumstances change.

 

Debt-to-Income Ratio

We base their decisions on what’s known as the loan-to-income ratio – the amount you want to borrow divided by how much you earn. The most you can borrow is usually capped at four-and-a-half times your annual income, with most lenders but we have a more accommodative multiple (allowed via term extension) to five to eight times your annual net income subject to mandatory assessment.

If we think you won’t be able to afford your mortgage payments in these circumstances, we might limit how much you can borrow.

 

Lending Determinants / Factors

When working out how much you can afford to borrow, we will look at:

 

1. Your Income.

This will include -

• Your basic income

• Income from your pension or investments

• Income in the form of child maintenance and financial support from ex-spouses

• Any other earnings you have – for example, from overtime, commission or bonus payments or a second job or freelance work.

 

You will need to provide pay slips and bank statements as evidence of your income.

 

If you’re self-employed you’ll need to provide:

• Bank statements

• Business accounts

• Details of the income tax you’ve paid.

 

You will normally have to provide two- or three-years’ worth of tax returns and business accounts.

 

 

2. Your outgoings

This might include:

• credit card repayments

• maintenance payments

• insurance - building, contents, travel, pet, life, etc

• any other loans or credit agreements you might have

• bills such as water, gas, electricity, phone, broadband

 

We might ask for estimates of your living costs such as spending on clothes, basic recreation and childcare. We might also ask to see some recent bank statements to back up the figures you supply.

 

 

3. Impactful Future Changes

We will assess whether you’d be able to pay your mortgage if:

• interest rates increased

• you or your partner lost their job

• you couldn’t work because of illness

• your life changed, such as having a baby or a career break.

 

It’s important that you also think ahead and plan how you’d meet your payments. For example, you can help to protect yourself against unexpected drops in income by building up savings when you can or creating multiple income streams. Try to make sure it contains enough for three months’ outgoings, including your mortgage payments.

 

 


Related Pages

How We Operate

Why Choose Us

How We Compare

Eligibility Requirements

Household Income Boosters

YOUR HOME (OR COMMERCIAL PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT - REPAYMENT ASSISTANCE PROGRAMME AVAILABLE FOR QUALIFIED CUSTOMERS. ALL APPLICATIONS ARE SUBJECT TO STATUS AND OUR LENDING CRITERIA - THIS MEANS THAT THE AMOUNT WE WILL LEND YOU WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES, THE TYPE OF PROPERTY AND THE AMOUNT YOU BORROW.

We are Non-Deposit Taking No Upfront Fee Direct Lenders (not brokers). Terms, conditions and rules govern our operations, so if you disagree with any of them in part or in whole, please don't use our services. All loanable funds are private patient capital from dedicated sustainable and reliable sources and not sourced funds from the general public. We're Fully-Compliant: Our mortgages are structured as Seller-Financed Mortgages (SFM) and where applicable, as Commercial Mortgages, which do not require Bank of Ghana (BoG) regulation. Legal & Compliance Provided by TLA Firm & Ghanaian Partners. For more details, see Regulation & Compliance.

© 2021 DCANS Mortgage, Ghana, affiliated to DCANS Mortgage UK (FCA-Compliant), Proprietary Trading Firm DCANS FX, Ghana's Biggest BNPL Provider DCANS Pay, UK's One-Stop Earned Wages Provider Quid Pay, No Upfront Fee Non-Deposit Taking Direct Platform Lenders Sikamaster Loans (Ghana) & Quidmaster Loans (UK), UK-based Remittance Platform to Africa & Beyond Moneyafrique, TDG Startup Ecosystem Funders [GhanaStartups.org ++ UKStartups.net ++ EUStartups.net] and DCANS Capital Limited (CRN: 07970200), are all part of the AML-Compliant TDG GLOBAL CREDIT SYSTEM of The DCANS Group (TDG) Limited (Registered in England & Wales, CRN: 12645872, VAT #: GB 157 9161 82), but dual-headquartered in Ghana & the UK.

This platform is securely powered by DCANS and Doctopus (in-house cybersecurity unit) & Promoted by TDG Media Ventures.