Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

"Affordable" mortgage

"Affordable" mortgage

Old Jun 27th 2006, 1:00 pm
  #31  
The Seldom Seen Kid
 
Joined: Jan 2006
Posts: 479
Buchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really nice
Default Flexible mortgage's

We had a flexible mortgage with the savings pot facility in the UK which allowed you to over pay or take breaks in payment without any financial penalty.

Is this product offered in Canada. ?
Buchan6 is offline  
Old Jun 27th 2006, 1:07 pm
  #32  
AntiWinge Freedom fighter
 
Bleech's Avatar
 
Joined: May 2004
Location: Kelowna BC
Posts: 1,137
Bleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond repute
Default Re: Flexible mortgage's

Originally Posted by Buchan6
We had a flexible mortgage with the savings pot facility in the UK which allowed you to over pay or take breaks in payment without any financial penalty.

Is this product offered in Canada. ?
In England we had a NatWest One mortgage which is sort of like a big overdraft, so you can take money out, pay money in etc. Got the same over here and it's called A Line of Credit.
Our mortgage is for $250,000 and we're paying about $1200 a month, but that's interest only. Just accepted an offer on our UK house though, so hopefully that'll be quite a bit smaller soon
Bleech is offline  
Old Jun 27th 2006, 1:12 pm
  #33  
The Seldom Seen Kid
 
Joined: Jan 2006
Posts: 479
Buchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really nice
Default Re: Flexible mortgage's

Originally Posted by Bleech
In England we had a NatWest One mortgage which is sort of like a big overdraft, so you can take money out, pay money in etc. Got the same over here and it's called A Line of Credit.
Our mortgage is for $250,000 and we're paying about $1200 a month, but that's interest only. Just accepted an offer on our UK house though, so hopefully that'll be quite a bit smaller soon
Yeah, thats the type of product i was referring to, many thanks.

Whats the mortgage duration given your payments ?
Was hoping not to have a mortgage here, but thats just not gonna happen, At present, basing future payments on the fact they'll be less than what were currently paying to lease.
Buchan6 is offline  
Old Jun 27th 2006, 1:28 pm
  #34  
AntiWinge Freedom fighter
 
Bleech's Avatar
 
Joined: May 2004
Location: Kelowna BC
Posts: 1,137
Bleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond repute
Default Re: Flexible mortgage's

Originally Posted by Buchan6
Yeah, thats the type of product i was referring to, many thanks.

Whats the mortgage duration given your payments ?
Was hoping not to have a mortgage here, but thats just not gonna happen, At present, basing future payments on the fact they'll be less than what were currently paying to lease.
We intended not to have one as well, but just didnt work out that way. Rising house prices and crappy exchange rate kicked us where it hurts.
We couldn't get a mortgage either unless we put 35% down as a deposit which was a bit of a shock, bad planning on our behalf
Our line of credit is over 25 years and we pay into it once a month. But we'll put money into it when we sell the UK house and we can overpay when we feel like it, so it's nice and flexible with no penalty for paying it off early.
Bleech is offline  
Old Jun 27th 2006, 1:34 pm
  #35  
The Seldom Seen Kid
 
Joined: Jan 2006
Posts: 479
Buchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really niceBuchan6 is just really nice
Default Re: Flexible mortgage's

Originally Posted by Bleech
We intended not to have one as well, but just didnt work out that way. Rising house prices and crappy exchange rate kicked us where it hurts.
We couldn't get a mortgage either unless we put 35% down as a deposit which was a bit of a shock, bad planning on our behalf
Our line of credit is over 25 years and we pay into it once a month. But we'll put money into it when we sell the UK house and we can overpay when we feel like it, so it's nice and flexible with no penalty for paying it off early.
Any advice on who to use / not to use. Was initially looking at using our bank HSBC who from our experiences have been excellent to date.
Buchan6 is offline  
Old Jun 27th 2006, 1:36 pm
  #36  
Forum Regular
Thread Starter
 
glenlivet's Avatar
 
Joined: Jan 2006
Location: Armstrong BC
Posts: 70
glenlivet is an unknown quantity at this point
Default Re: Flexible mortgage's

Originally Posted by Bleech
We intended not to have one as well, but just didnt work out that way. Rising house prices and crappy exchange rate kicked us where it hurts.
We couldn't get a mortgage either unless we put 35% down as a deposit which was a bit of a shock, bad planning on our behalf
Our line of credit is over 25 years and we pay into it once a month. But we'll put money into it when we sell the UK house and we can overpay when we feel like it, so it's nice and flexible with no penalty for paying it off early.
Can you let us know who you used and how much the intrest rate is for the line of credit? I've been told by a mortgage broker that the interest rate for lines of credit are not fixed and are normally always higher than the mortgage rates.

Cheers,

Roy
glenlivet is offline  
Old Jun 27th 2006, 1:48 pm
  #37  
AntiWinge Freedom fighter
 
Bleech's Avatar
 
Joined: May 2004
Location: Kelowna BC
Posts: 1,137
Bleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond repute
Default Re: Flexible mortgage's

Originally Posted by glenlivet
Can you let us know who you used and how much the intrest rate is for the line of credit? I've been told by a mortgage broker that the interest rate for lines of credit are not fixed and are normally always higher than the mortgage rates.

Cheers,

Roy
Yeah sure. Trying to find out now, but the OH deals with all that stuff. I just do the work
Bleech is offline  
Old Jun 27th 2006, 1:50 pm
  #38  
AntiWinge Freedom fighter
 
Bleech's Avatar
 
Joined: May 2004
Location: Kelowna BC
Posts: 1,137
Bleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond repute
Default Re: Flexible mortgage's

Originally Posted by Buchan6
Any advice on who to use / not to use. Was initially looking at using our bank HSBC who from our experiences have been excellent to date.
We basically use TD Canada trust for everything. No particular reason, but they sorted out mortgage out and were really helpfull. That's one thing we've noticed since been here is that you do actually get a more personal service, the bank clerks get to know you and there's no glass screens or silly speakers to chat to them through. Oh and they give you chocolate brownies as well
Bleech is offline  
Old Jun 27th 2006, 2:12 pm
  #39  
Mans
 
Joined: Jul 2005
Location: Oakville
Posts: 343
Mans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant future
Default Re: Flexible mortgage's

Originally Posted by Bleech
We basically use TD Canada trust for everything. No particular reason, but they sorted out mortgage out and were really helpfull. That's one thing we've noticed since been here is that you do actually get a more personal service, the bank clerks get to know you and there's no glass screens or silly speakers to chat to them through. Oh and they give you chocolate brownies as well

I'm with TD to......had great service too...no chocolate brownies though
Its a line of credit with a 3 year fixed term at 4.25% (though a line of credit...can only pay 15% off each year)

I've decided to stretch myself in Canada :scared: .

Though I can cover my mortgage.....its currently over $2250pm plus property tax (25 year term)....I decided to keep an investment flat in London which is paying itself plus a bit on top (has grown by £90,000 in 2 years ) and also bought a state of the art Condo in Mississauga which completes next Spring...which I intend on renting out too.

I feel with interest rates relatively low...would prefer to borrow and speculate.

If sh.t hits the fan...can always sell these to pay off my mortgage...riskier stratergy...but decide to leverage myself to accumualte more in the long run

Rgds
Mans
Mans is offline  
Old Jun 27th 2006, 2:21 pm
  #40  
AntiWinge Freedom fighter
 
Bleech's Avatar
 
Joined: May 2004
Location: Kelowna BC
Posts: 1,137
Bleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond repute
Default Re: Flexible mortgage's

Originally Posted by Mans
I'm with TD to......had great service too...no chocolate brownies though
Its a line of credit with a 3 year fixed term at 4.25% (though a line of credit...can only pay 15% off each year)

I've decided to stretch myself in Canada :scared: .

Though I can cover my mortgage.....its currently over $2250pm plus property tax (25 year term)....I decided to keep an investment flat in London which is paying itself plus a bit on top (has grown by £90,000 in 2 years ) and also bought a state of the art Condo in Mississauga which completes next Spring...which I intend on renting out too.

I feel with interest rates relatively low...would prefer to borrow and speculate.

If sh.t hits the fan...can always sell these to pay off my mortgage...riskier stratergy...but decide to leverage myself to accumualte more in the long run

Rgds
Mans
Pretty sure our line of credit must be the same thing then, but we did stipulate that we were intending on putting a chunk of cash in when we sell our UK house, and py it off earlier so we havent got the 15% clause.
No brownies?? You need to have a word with your manager
Bleech is offline  
Old Jun 27th 2006, 2:36 pm
  #41  
Henry Bear
 
Piff Poff's Avatar
 
Joined: Feb 2006
Location: Red Deer, Alberta
Posts: 10,387
Piff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond reputePiff Poff has a reputation beyond repute
Default Re: "Affordable" mortgage

Our property tax on a lovely 4 bed 3 bath house in a mature neighbourhood is just under $2000 per year.
Piff Poff is offline  
Old Jun 27th 2006, 2:39 pm
  #42  
Mans
 
Joined: Jul 2005
Location: Oakville
Posts: 343
Mans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant future
Default Re: Flexible mortgage's

Originally Posted by Bleech
Pretty sure our line of credit must be the same thing then, but we did stipulate that we were intending on putting a chunk of cash in when we sell our UK house, and py it off earlier so we havent got the 15% clause.

I think I have the 15% cap as I have a fixed rate for 3 years...if i went for variable there was no cap on paying off any amount you wish.


No brownies?? You need to have a word with your manager
Can't beleive I did not get any Brownies....i'll get them to offset this against my next purchase of a cheque book (now thats a rip - off)

Rgds
Mans
Mans is offline  
Old Jun 27th 2006, 2:48 pm
  #43  
AntiWinge Freedom fighter
 
Bleech's Avatar
 
Joined: May 2004
Location: Kelowna BC
Posts: 1,137
Bleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond reputeBleech has a reputation beyond repute
Default Re: Flexible mortgage's

Originally Posted by Mans
Can't beleive I did not get any Brownies....i'll get them to offset this against my next purchase of a cheque book (now thats a rip - off)

Rgds
Mans
Brownies and suckers (lolipops) for the kids. They actually ask to go to the bank, cunning plan by the bank managers.
Bleech is offline  
Old Jun 27th 2006, 2:51 pm
  #44  
Just Joined
 
Joined: Jun 2006
Posts: 28
Hit&Run has a spectacular aura aboutHit&Run has a spectacular aura aboutHit&Run has a spectacular aura about
Default Re: Flexible mortgage's

Originally Posted by Mans
Can't beleive I did not get any Brownies....i'll get them to offset this against my next purchase of a cheque book (now thats a rip - off)

Rgds
Mans

Are u joking? Do you have to pay for a cheque book ? That is a rip off

In terms of mortgage my view, working in the Treasury department of a large multinational, is that one should borrow ( gear up ) as much as they can when they are younger. The reason being that a mortgage is normally regarded as good debt i.e no one will lend you a sum of say $300k plus at a rate of 5%.

I mean in the corporate world the likes of Unilever (the co I work for) always borrow money to finance their operations. Multinationals all round the world try and gear up as

But again it all comes down to individual preference, how much are you comfortable paying, are you risk taker or risk cautious etc. I am willing to
take a chance and stretch myself.

Cheers
Hit&Run is offline  
Old Jun 27th 2006, 2:57 pm
  #45  
Mans
 
Joined: Jul 2005
Location: Oakville
Posts: 343
Mans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant futureMans has a brilliant future
Default Re: Flexible mortgage's

Originally Posted by Hit&Run
Are u joking? Do you have to pay for a cheque book ? That is a rip off

In terms of mortgage my view, working in the Treasury department of a large multinational, is that one should borrow ( gear up ) as much as they can when they are younger. The reason being that a mortgage is normally regarded as good debt i.e no one will lend you a sum of say $300k plus at a rate of 5%.

I mean in the corporate world the likes of Unilever (the co I work for) always borrow money to finance their operations. Multinationals all round the world try and gear up as

But again it all comes down to individual preference, how much are you comfortable paying, are you risk taker or risk cautious etc. I am willing to
take a chance and stretch myself.

Cheers
Thats exactly the view I took.

But don't get too carried away....its easy to borrow......what if we have a property crash, nightmare of a tennant or void rental periods (if you decide to rent a property)....just make sure you do the sums and can take the risk.
If it works out...which in the long run, I think is a pretty good bet...things will work out great...just make sure you can handle/afford the shorter term problems of servicing the debt.

Rgds
Mans
Mans is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.