Mortgages

Many properties in Nova Scotia are so reasonably priced compared to those in the UK that you may not need financing to purchase your second home. However, if you do need to arrange a mortgage, we help you with advice and referrals.

Generally, non-residents can apply for a mortgage of up to 65% of the property’s price. Since foreign banks cannot register a mortgage in Canada, buyers will need to arrange their financing through a Canadian bank or lending institution.

The approval process is relatively quick – just a couple of days – once all the documentation has been submitted to the lender. Documentation required usually includes proof of income, a credit check or report (which will be at the expense of the buyer), proof of deposit (usually via bank statements or a bank report) and an appraisal on the property.

You can apply direct to a bank for a mortgage, or use the services of a mortgage broker to assist you.

If you do need financing to purchase your second home in Nova Scotia, it can be an advantage to be pre-approved for a mortgage before you start your search. We can help you to find mortgage brokers who offer this service for non-residents.

Note: there is usually a fee for arranging a mortgage, which is in the range of $300-$400. This is payable at the time you apply for the mortgage.


Useful online mortgage calculators can be found at
www.cmhc-schl.gc.ca
www.canadamortgage.com