Mortgage question
#17
Re: Mortgage question
We moved here at the height of the credit crunch and the first mortgage broker told us that neither of us were eligible for a mortgage, even with a guarantor. She said neither of us stood any chance of getting a mortgage and to come back in 2 years! Later the same week, HSBC approved us for a high ratio mortgage, without a guarantor, at their best available interest rate and we moved into our house a month later.
#18
Forum Regular
Thread Starter
Joined: Mar 2010
Posts: 76
Re: Mortgage question
Well if worst comes to the worst we may ask and see how much relatives have they can lend us short term, then remortgage and add my salary to the mix when I've been working for 3 months. That's not something I really want to have to do though!
Ideally I'd hope I get PR just before we go out and then the GF's job will help persuade the bank to lend to my potential salary as well (with the help of a big deposit).
Ideally I'd hope I get PR just before we go out and then the GF's job will help persuade the bank to lend to my potential salary as well (with the help of a big deposit).
#19
Joined: Sep 2008
Posts: 12,830
Re: Mortgage question
Well if worst comes to the worst we may ask and see how much relatives have they can lend us short term, then remortgage and add my salary to the mix when I've been working for 3 months. That's not something I really want to have to do though!
Ideally I'd hope I get PR just before we go out and then the GF's job will help persuade the bank to lend to my potential salary as well (with the help of a big deposit).
Ideally I'd hope I get PR just before we go out and then the GF's job will help persuade the bank to lend to my potential salary as well (with the help of a big deposit).
#20
BE Forum Addict
Joined: May 2011
Posts: 1,348
Re: Mortgage question
Depends on the bank, ours have always been pretty flexible with renegotiating as long as we stayed with them.
#21
Joined: Sep 2008
Posts: 12,830
Re: Mortgage question
http://www.moneysense.ca/property/sh...-your-mortgage
Last edited by Aviator; Feb 7th 2014 at 1:20 am.
#23
BE Forum Addict
Joined: May 2011
Posts: 1,348
Re: Mortgage question
Not come across one yet that will let you out of a fixed term mortgage contract without penalty. It really depends on how much it will cost, versus the savings overall on the mortgage term.
http://www.moneysense.ca/property/sh...-your-mortgage
http://www.moneysense.ca/property/sh...-your-mortgage
I guess pretty much everyone has a different experience, even with the same lenders. For example, we had no luck at all getting a mortgage for the first year we were here, despite a decent down payment and being well within our borrowing limit based on salary.