Mortgages
First-Time Buyer's Mortgage Checklist
A Ghanaian mortgage application is decided mostly on paperwork you can assemble before you ever speak to a bank. Buyers who arrive with a complete file get a decision in weeks. Buyers who don't spend months chasing documents.
What lenders are actually deciding
Every bank is answering three questions: can you repay, will you keep repaying, and can we recover the money if you stop. Everything in the file below maps to one of those.
The document checklist
Identity and status
- Valid Ghana Card or passport
- Proof of address, usually a recent utility bill
- Passport photographs
Income
- Six months of payslips if you are employed
- Twelve months of bank statements, and expect these to be read closely
- An employer letter confirming role, length of service and salary
- For the self-employed: two to three years of business accounts, and business
registration documents
The property
- The indenture or sale agreement
- The site plan
- A recent official search from the Lands Commission
- The seller's or developer's details
- A valuation from a valuer the bank accepts — usually from its own panel
Cedi or dollar?
Most Ghanaian lenders offer both. The choice is one of the largest financial decisions in the whole transaction.
| Cedi mortgage | USD mortgage | |
|---|---|---|
| Interest rate | Considerably higher | Considerably lower |
| Currency risk | None, if you earn cedis | Carried entirely by you |
| Best suited to | Cedi earners | Diaspora and USD earners |
The trap is a cedi earner taking a dollar mortgage because the headline rate looks better. If the cedi depreciates, the repayment rises in cedi terms while the salary does not. Match the currency of the loan to the currency you are paid in, and treat any other arrangement as a position you are taking deliberately.
The numbers banks look at
- Deposit. Expect to need a meaningful share of the price up front. The more
you put down, the better the rate you will be offered.
- Debt-to-income. Lenders cap total monthly debt repayments as a share of net
income. Existing loans, car finance and credit cards all count.
- Term. A longer term lowers the monthly payment and raises the total
interest substantially.
Costs beyond the deposit
Budget for these separately — they are the reason otherwise well-prepared buyers fall short at the last moment.
| Cost | Typical basis |
|---|---|
| Processing / facility fee | A percentage of the loan |
| Valuation | Flat fee, paid to the bank's valuer |
| Legal fees | Percentage of the loan or property value |
| Stamp duty | Percentage of the property value |
| Property insurance | Annual, usually required |
| Life cover | Annual, usually required |
Before you apply
- Pull your own bank statements and read them as a lender would. Unexplained
large transfers and frequent overdrafts both cause questions.
- Clear or reduce short-term debt — it directly reduces what you can borrow.
- Get the property's documents in order first. Most delays are property-side,
not applicant-side.
- Compare at least three lenders. Rates, fees and maximum terms differ more
than most buyers expect.
You can compare partner bank rates and estimate a repayment before committing to an application, or work out what you can afford from your income.
Frequently asked questions
How much deposit do I need for a mortgage in Ghana?
Expect to need a meaningful share of the purchase price up front. The larger the deposit, the better the rate offered — and lenders differ, so compare at least three.
Should I take a cedi or a dollar mortgage?
Match the loan to your income currency. Dollar mortgages carry lower headline rates but transfer all currency risk to you: if the cedi depreciates, your repayment rises in cedi terms while a cedi salary does not.
Can I get a mortgage if I am self-employed?
Yes, but expect to provide two to three years of business accounts and business registration documents in addition to personal bank statements.
