Mortgage application checklist 

Applying for your mortgage is easier when you’re prepared.

Before you meet with your Scotiabank Mortgage Specialist, make sure you have the following documents ready.

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Application

One (1) valid unexpired national photo identification

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 Scotiabank screen print
  • Most recent income tax return
  • Any official document issued by the local Government indicating income

Commissioned Income: Letter of employment and 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 income

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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 Sales or Agreement of Purchase, confirmation of bebts to be settled, estimates and/ or approvals for home improvements, statement of works for repairs, any other document to support loan purpose

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Additional Credit Approval Documents

  • Current Appraisal ordered by Scotiabank; documents needed:

                - Mortgage Deed/Certificate of Title, Land Register,

                - Completion for properties < 4 years old (if applicable) for properties in an incomplete development.

                - Cadastral sheet (required for financing of land purchases)

  • Most recent property tax receipt
  • Takeover Certificate (if applicable)
  • Maintenance fee statement (as applicable where there is a Homeowners’ Association - Townhouses, Condominiums or Apartments)

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Closing & Disbursement

  • Document from Board of Inland Revenue showing customer’s BIR number, or a letter from the BIR indicating that no BIR number exists, and customers are not assessed for taxes (e.g. housewives, etc.)
  • 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), Takeover Certificate (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 score (if applicable)
  • If seller has a Mortgage, you should request to obtain a release or release in Escrow with settlement letter

Ready to get started?

Speak to one of our Mortgage Specialists today.