julius smith

hi, all! this message has been posted on th "moving back to uk" forum also, but i am reposting it here too, in case there is someone here who deals with real estate and who may be able to help:
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hello, all! yes, i am still around! i havent moved back to the uk yet--why? you shall see when i tell you. problem is, i made a big mistake when we first arrived here, in that i put down a deposit on a brand new, unbuilt condo. now, the problem is, although the condo is not due to be completed until late this year, because we have decided to leave canada, i am going to find it difficult to get a mortgage, at the right rate, for the place. my initial idea was to flip it after completion, but you can only flip something when you have actually bought it, and the only way you can buy a condo is get a mortgage. so, my dilemma is this--i want to up sticks and get out right now, but i had a quick chat with a local loan arranger who said that they can get me a mortgage at 5% down, but i have to wait until april, as my credit rating is not high enough yet (they presume that by april or may i will have accrued enough credit rating points). secondly, the loan company will need to refer to my employers when the condo is complete, in order to confirm if i am really working there or not! thing is, if i leave for uk now, come april/may, i wont be working at the place, so obviously they will not be able to get me a loan! the only option left to me is to put down a hefty 25%, and at that rate, i can get a loan wherevr i am, without proof of income whatever, so they say. so, any of you handle mortages or loans at , pls? or does anyone want to take over my purchase?

Biiiiink

Not clued up on these things by any stretch of the imagination, but how much did you put down as a deposit - can't you just lose your deposit and walk away? Or will they sue you for more than the lost deposit?

If you do manage to get a mortgage, what are your plans, I gather you want to leave Canada asap so what would you be doing - selling the unit as soon as you get your mortgage?

Good luck to you, sounds like one hell of a situation.

Biiiiink

Fluffy Boogie

Hello, I jsut came across your thread and was wondering why you want to leave Canada - any specific reason? Just wondering...

yonk

search the OP's other posts.....lots of reasoning and comments.

You will need to look at your contracts - I think it would be difficult to swap the deposit to someone else as it would be seen as a cancellation. But they might let you.....

Other options are bridging loans or similar. There are lots of providers in the UK, must be similar in Canada.

welshmountie

I'm curious as to why leave too?

P & K

Where is this brand new Condo? Which development etc...

julius smith

hi! the condo is in a brand new development right in the heart of mississauga town centre, right in front of the square 1 shopping mall. it is a 1 bedroom plus den apartment, with no maintenance charges at all for the first year, parking is provided and it also comes with a free extra storage unit on site. its very definitely a 5 star position, but as my situation has changed, that is the reason why i am asking for potential buyers or someone who can help with mortages etc.

julius smith

hi, biiiiink! no, i cant really walk away--i have already put down a very large amount and i cannot afford to lose that! the ideal scenario would be to sell it on to another willing buyer--i am even prepared to drop the price by a few thousand from the current selling price. if not, then if i can secure a mortgage on it now, i can leave canada and arrange for it to be rented out in my absence. and yes, it is one hell of a situation!

julius smith

hello! tons of reasons--just look ay my postings here! one major factor now, is that my family are gone back and i am alone here now trying to salvage this situation before i too fly back!

julius smith

thanks for your comments, yonk! yes, as it stands, i have 2 things i can do:
sell to another buyer or get a mortgage and rent it out when its complete. its a like being between a rock and rough place....!

Headhurts

Hi Julius,

I've been following your story, and I'm not going to pass judgement on your choices. You need to do whatever is best for you. I do have one question though. How were you going to fit yourself, your wife, and your kids in a one bedroom + den, condo?

Cheers, Headhurts.

julius smith

haahaa! no, the plan was to keep it as an investment, not to live! would've been a trifle tight with the family in there...?

Biiiiink

Hi again,

You may be able to get a mortgage in the UK... I vaguely looked into this a few years back and a company on the South Coast of England that do only mortgages for overseas properties looked quite interesting. I am so sorry that I can't remember their name but I bet if you google: UK mortgage for overseas property or similar they'll turn up in your search results. The mortgage would have been arranged through them but it was from a north american lender, I can't remember who.

I didn't take it in the end as I came into some money but it seemed like a good deal, see if you can find them and what they can offer you.

Best of luck.

Biiiiink

P.S. don't lose heart - I bought my new condo from someone 2nd hand (never lived in) for a few thousand less than the builder was selling them. This lady had bought one for her, and one for her sister from Hong Kong, sister obviously didn't get PR and the lady was stuck with two mortgages. I got a good deal, she lost a little bit of money but the damage was minimal.

yonk

It might have been Conti - they advertise a lot but there are other people now too. Someone like FPD Savills Private Finance might know as they do international. The best place to look is the ads in Investment mags.

www.expatinvestor.com/advertisers.asp was a link from the Moving back to UK posts and it seems to have lots of banks.

Hmm, what rent were you expecting and how much are you looking for? Do you know if there are going to be service costs? PM me if you prefer.

Pretty Flowers

You could also look at www.charcolonline.co.uk

There's an option there for overseas mortgages. I was going to get my mortgage through them but didn't in the end.

I'm not going to comment on your choices either as I might get banned :scared: