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Max. Rate: 12% p.a.
incl Cedi Mortgages
Repayment Period
Up to 30 years
No Upfront Fees
T&Cs Apply

Assumable Mortgage

A type of financing arrangement whereby an outstanding mortgage and its terms are transferred from the current owner to a buyer, hence also know as Transferable Mortgage. By assuming the previous owner's remaining debt, the buyer can avoid obtaining their own mortgage. When interest rates rise, an assumable mortgage is attractive to a buyer who takes on an existing loan with a lower rate.

Buyers must still qualify for the mortgage to assume it.

 

How it works

Many homebuyers typically take out a mortgage from a lending institution to finance the purchase of a home or property. The contractual agreement for repaying the loan includes the interest that the borrower must pay, as well as the principal repayments to the lender. If the homeowner decides to sell their home later, they may be able to transfer their mortgage to the homebuyer. In this case, the original mortgage taken out is assumable.

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.

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