Notes for property purchase in Canada

House In Canada all property can be purchased individually or in joint names and the loan will be offered in Canadian Dollars. In Canada there are a number of additional costs that you will be liable for and these include legal costs for any local government requirements, their additional charges and your own legal fees for assigning the loan, the cost of which will normally be made clear when the mortgage is formally offered.

Although is is not mandatory, it is strongly adviced that you take out a life assurance policy assigned to the mortgage.


In Canada there are no Self Certification mortgages available all mortgage lending is subject to the correct proof of income. You will be permitted to rent out your property and in Canada lenders may take rental income into consideration but will only consider 50% of the total rental income.

All home loans applications must be supported by proof of your income. If you are self employed you will need to submit your last 3 years audited accounts and in addition to these the latest 6 months personal bank statements and your last 12 month's business bank statements.

However if you are employed you are only required to submit 3 month's pay slips, your last 6 month's personal bank statements and your latest P60/Employer's reference.

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