Getting a mortgage
Mar 24th 2007 | 4:40 am
#16
Forum Regular
Joined: Aug 2005
Posts: 156
Re: Getting a mortgage
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
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
Mar 24th 2007 | 5:59 am
#17
spring is coming yeha
Joined: Oct 2005
Posts: 494
From: wasaga beach ont
Re: Getting a mortgage
Mar 24th 2007 | 4:38 pm
#18
Forum Regular
Joined: Feb 2007
Posts: 143
From: Victoria, Australia
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!
Good luck!
Mar 29th 2007 | 2:55 am
#19
Joined: Nov 2003
Posts: 565
From: Nr Belleville, Ontario
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
. 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
Mar 29th 2007 | 6:23 am
#20
Forum Regular
Joined: Jan 2007
Posts: 66
From: Ottawa
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.
Apr 18th 2007 | 10:55 pm
#21
BE Enthusiast
Joined: Feb 2007
Posts: 681
From: Sherwood Park, Alberta
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
. 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.
