MORTGAGES Canada Mortgages Report: Canada
Canada continues to appeal – but do the mortgage figures add up?
> WHAT ARE THE LENDING CRITERIA?
This depends on the individual mortgage provider. However, typical lender requirements for Canadian Mortgages can be found below:
> AFFORDABILITY REQUIREMENTS:
The cost of the applicant’s existing liabilities and new mortgage should not exceed 40% of their net income.
> EMPLOYMENT HISTORY: Minimum six months required. > SELF EMPLOYED HISTORY: Minimum three years required. > REGIONS ACCEPTED: All regions considered. > PROPERTY TYPES ACCEPTED: Freehold and leasehold properties.
> APPLICANTS ACCEPTED: Individuals, local companies, offshore companies and UK Ltd companies. All nationalities considered except those affected by international sanctions.
> FURTHER INFORMATION:
Currency options for mortgage payments: Canadian Dollars. Some lenders will require you to open up a bank account with them in order to make the mortgage payments.
Securing a mortgage offer can typically take between four to six weeks.
WHAT EVIDENCE DOES A BUYER NEED TO PROVIDE?
This depends on the individual mortgage provider, however document requirements for Canadian mortgages usually include: • Copy of passport • Copy of utility bill x2 • Copy of birth certificate
• Copy of last 3 months’ payslips and last year’s P60 or a copy of the last two years’ accounts and last two years’ tax returns • Copy of last 3-6 months’ bank statements • Copy of loan statements for last 12 months • Evidence of deposit used to buy the property • Copy of full credit report
• Copy of last year’s mortgage statement on all properties owned • Copy of tenancy agreements for buy to let properties • Copy of sales contract • Copy of the property title deed
42
See
www.connectoverseas.co.uk. They can be contacted by email at
info@connectoverseas.co.uk or by telephone on +44 (0)1708 676134.
EDITOR’S NOTE:
This guide was accurate at the time of production.
The mortgage market changes all the time.
For up to date information, see
www.opp-connect.com/ infozone/mortgages
The OPP monthly mortgage report is brought to you by Connect Overseas, international mortgage advisers. They are based in the UK but deal with mortgages in over 50 different countries around the world.
www.opp-connect.com
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