Eligibility and criteria
• We typically arrange loans in CAD Dollars or Sterling; however other currencies are available if your salary is paid in that currency
• Repayment and Interest only loans are available
• The maximum loan to value for a purchase is 65/70%
• The maximum term is 30 years.
• The minimum loan amount is CAD$75,000 with no maximum
• All schemes require full documentary evidence of income – ‘self-cert’ mortgages are not available.
Affordability
To qualify for a mortgage in Canada, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete our enquiry form and we will not charge you for this service.
Your existing liabilities, including your UK mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Canadian mortgage payments. All this must not typically exceed 40% of your monthly net income. For example if your net joint income is £2,500, 40% of this equates to £1000. If your only liability is your current UK mortgage payment of say £500 per month, this would leave a balance of £500 for your Canadian mortgage repayment.
The amount that you can borrow is also restricted by the maximum loan to value as mentioned under Eligibility and criteria.
Proof of income requirements
If you are employed:
• Your last three month’s payslips
• Your latest P60 and employers reference
• Your last three month’s personal bank statements
If you are self-employed:
• Your last two year’s audited accounts, tax returns and accountants reference
• Your last 3 month’s personal bank statements
Other documents will be required and will be confirmed when application forms are sent to you.
Max term 30 years
£ 100,000 minimum loan
Repayment and Interest only mortgages
