Mortgage Application Checklist

_{Identification}

• Valid passport, driver’s license or other government issued I/D 
• Proof of work permit grant, residency stamp or Caymanian status
• Marriage certificate

Proof of address

• Homeowners: two current utility bills (different providers), current strata statement for unit owned and home insurance policy
• Renter: rental agreement, current utility bill, confirmation of rent paid by way of rental receipts or account statement showing online transfers
• Room & board: confirmation of address letter (addressed to Scotiabank), two current utility bills (different providers), owner’s valid I/D.

Documents must be dated within the last 60 days.

_{Self Employed Individuals: 
Business Documentation}

• Valid business registration/license
• Certificate of incorporation
• Articles of association

_{Self Employed Individuals: 
Income Evidence documents}

• Two years of financial statements supported by evidence of the CPA’s credentials
• Income tax returns 
• Two years of supporting business bank account statements

_{Proof of assets}

• Current statement showing investments/bank account statements
• Copy of land register and last property valuation report
• Copy of logbook (only applicable if vehicle is less than five years old)
• Current pension statement

_{Proof of liabilities}

• Current credit card statement
• Current statement showing loan(s) balance(s) and monthly payment(s)
• Current statement showing mortgage(s) balance(s) and monthly payment(s)
• Last property tax assessment and insurance policy (applicable for properties owned overseas)

 _{Credit requirements} 

Credit report (applicable for non-residents only, i.e. work permit holder) 

• Credit reports and bank references must be dated within the last 30 days.
• Credit report from previous country/home country (for US/CA citizens this report is obtained by the Bank)
• Two bank references (must be addressed to Scotiabank & Trust (Cayman) Ltd)
• Two years tax returns and notice of assessment 

_{Home purchase}

• Signed Sales Agreement excluding the cost of chattels (Bank does not finance chattels).
• Sales Agreement addendum to be provided confirming chattels are not included in the purchase price or detailed list provided noting chattel values.
• Land register (if available)
• Valuation/Appraisal (to be requested by bank at customer cost)
• Evidence of down payment paid and receipt from developer/vendor confirming same
• Source of injection to be provided. I.e., six month’s account history, proceeds from sale of property, etc. 

_{Auto purchase} 

• New auto: proforma invoice from dealership
• Used auto: signed sales agreement, logbook, current insurance policy and auto appraisal from local dealership 

_{Switch mortgage} 

• Mortgage statement for last two years 

_{Strata requirements} 

• Strata statement or strata section 6(4), strata bylaws, strata AGM minutes, strata insurance, and current strata financial statements 

_{Credit Approval}

• Source of downpayment – account statement or copy of cheque or evidence that monies are deposited in BNS account, 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