Mortgage Application Checklist

Documents Required

Identification

One (1) Valid unexpired national photo identification

Proof of address

One (1) valid proof of address (deed, recent utility bill, tax assessment or financial institution/bank statement)

Salaried Individuals:

Salaried or Fixed Contract or where commission < 50% total income any two of the following:

  • Recent letter of employment
  • Current contract executed between the employer and employee
  • Pay slip(s) showing the most recent full monthly income ( if pay slip shows a deduction at source indicating loan payment, letter of indebtedness is required)
  • Bank statements showing direct payroll deposits for the 2 most recent months-including BNS screen print
  • Most recent income tax return
  • Any official document issued by the local Government indicating income

Commissioned Income

  • Letter of employment
  • Last 6 months pay slips

Self Employed Individuals

Business Documentation 

one of the following:

  • Valid Business registration / License, and most recent Annual Return (where applicable)or     
  • Financial statements for the last 2 years prepared and signed off by an Accountant on the Bank-Approved panel, or in good standing with the relevant supervisory board, or
  • Most recent account statement for an active Scotiabank business or commercial bank account or other financial institution or
  • Certification of incorporation/Articles of Association

Income Evidence documents 

one of the following:

  • Income Tax Returns for the last 2 years, or 
  • Audited Financial Statements for the last 2 years, or
  • Financial Statements for the last 2 years prepared and signed off by an Accountant on the Bank-Approved Panel, or in good standing with the relevant supervisory board, and six  (6) months bank statements or
  • Any official document issued by the local Government indicating the income  

Credit Approval

  • Source of downpayment – account statement, letter signed by donor& borrower if a gift
  • Proof of assets in the name of the Borrower: Statements showing investments or bank statements, copy of land title or motor vehicle title, Pension Statements, Last valuation of property
  • Proof of Liabilities in the name of the Borrower: Credit card, Loan or Mortgage statement
  • Proof of loan purpose - Agreement of Sale or Proforma Invoice

Additional Credit Approval Documents

  • Valuation report to be ordered by Scotiabank
  • Copy of Land Registry from seller to be provided
  • Strata Requirements:
    • Strata section 6(4), Strata bylaws
    • Strata AGM minutes, strata insurance
    • Strata financial statements from current or previous year
  • Any other documents to support loan purpose

Closing and Disbursement

  • Evidence of home insurance and assignment to the Bank
  • Well and sceptic certificates (if applicable)
  • Up to date water authority bill/clearance certificate
  • Incomplete Development: Certificate of practical completion (if applicable)
  • Up to date lease rent/maintenance fee receipt (if applicable)
  • Lease land: Lease agreement showing expiry for > 5 years after mortgage maturity (if applicable)
  • Copy of share certificate/Article of Association of the administrative company (if applicable)
  • Updated credit bureau report (if applicable)
  • If seller has a mortgage, you should request to obtain a release or release in Escrow with settlement letter