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Re: Getting a mortgage
Originally Posted by steved61
(Post 4553542)
I recently applied for a mortgage in canada with RBC, they accepted a credit check i provided from a company called www.creditexpert.co.uk which uses experion. all we needed was 25% down, a letter from my UK employer stating how much i earned, a letter from my UK bank stating how long i had been a customer and any credit facilities i had and a current bank statement. My salary was about $80K CAD and i had no probs getting a 230K mortgage offer
Steve I was told that I need 35% down to get a mortgage. I would be interested in knowing who you contacted at RBC as they are my bank in Canada (I am Canadian but currently living and working in the UK). Sincerely, Julie |
Re: Getting a mortgage
Originally Posted by Juliew
(Post 4556451)
Hi Steve,
I was told that I need 35% down to get a mortgage. I would be interested in knowing who you contacted at RBC as they are my bank in Canada (I am Canadian but currently living and working in the UK). Sincerely, Julie Steve |
Re: Getting a mortgage
You cannot borrow more than 40% of your debt load. Try to put down more than 25% to avoid paying CMCH. There are lots of mortgage brokers trying to get your business and they are pretty competitive. You can buy a house with as little as 5% down. (although, I wouldn't recommend it!) Basically, if you have a pulse someone will lend you the money. You just need to pay it back.
Good luck! |
Re: Getting a mortgage
We had none of this paraphernalia!
. primary applicant must be employed by an established and highly respected company at a minimum salary of $60,000.00 per year Rubbish - we had not even landed when we were granted our Canadian mortgage, so definitely did not have any Canadian employment at that stage. . must have minimum down payment of 10% from own resources, not borrowed We had to put down 35% through HSBC. . if applicable, must be able to demonstrate that principal residence (in originating country) has been sold or are able to carry both mortgages We had not sold our house in the UK at the time, in fact did not do so until several month after landing - this was never discussed. . must have relocated and/or immigrated in the last 12 months As I said, we purchased our house before we landed Documents Required: We were asked for copies of our passports, HSBC UK gave us a reference and provided proof of down payment (cash in our account) Ours went through very quickly and smoothly, no complaints at all. Good luck |
Re: Getting a mortgage
Like anywhere, money talks. If you put a big deposit down you can get a mortgage. My wife and I are putting 60% deposit down. We got our mortgage even without having sent our application to CIC (I’m a Canadian citizen living in the UK sponsoring my wife) or having jobs in Canada. Our employment status in the UK wasn't questioned either. Although we did supply a credit reference it wasn’t asked for. Our sponsorship application has now been accepted so we’re going in June. |
Re: Getting a mortgage
Originally Posted by Canada Jane
(Post 4578075)
We had none of this paraphernalia!
. primary applicant must be employed by an established and highly respected company at a minimum salary of $60,000.00 per year Rubbish - we had not even landed when we were granted our Canadian mortgage, so definitely did not have any Canadian employment at that stage. . must have minimum down payment of 10% from own resources, not borrowed We had to put down 35% through HSBC. . if applicable, must be able to demonstrate that principal residence (in originating country) has been sold or are able to carry both mortgages We had not sold our house in the UK at the time, in fact did not do so until several month after landing - this was never discussed. . must have relocated and/or immigrated in the last 12 months As I said, we purchased our house before we landed Documents Required: We were asked for copies of our passports, HSBC UK gave us a reference and provided proof of down payment (cash in our account) Ours went through very quickly and smoothly, no complaints at all. Good luck Great Post. Thanks for the info.:thumbsup: |
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