Property in Canada

Buying Property in Canada - How much can I borrow & what proof of income is required

There are no non-status/self-certification mortgage facilities in Canada (although renting out your property is allowed), all loans need to be supported by a proof of income, talk to your mortgage expert about this.

At a Glance - Buying a Property in Canada

Canadian Lenders may take into consideration 50% of any proposed Rental Income from the property, for mortgage purposes/repayments, providing it has been on the rental market with proof of leases. Talk to an adviser about a mortgage in Canada

Your loan is based on your joint gross pay and is calculated on an affordability basis.

Example:

• Net joint monthly income £30,000  X 38% of that figure is £1140 minus existing monthly mortgage payment £700 - no other liabilities. This leaves a balance of £440 for a proposed Canadian Mortgage payment.

If you are looking for more information on investment properties, why not click on one of the links below?:

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 
The above mortgage detail is for information purposes only as does not constitute financial advice under the Financial Services and Markets Act 2000.