damion 77

Hi
We have been in Canada (Ontario) now for 6 months and want to get a mortgage, we are having problems due to no credit history in Canada (no point trying to get canadian credit card etc now as we have set our hearts on a house) and they all seem to want letters from our UK banks saying we have good credit/standing etc. They dont seem to understand that in England we dont have a 'relationship' with our bank managers like they do here so its difficult to get a letter especially when we cant speak to the branch directly! We are also on a very tight timeframe so need help fast! Has anyone dealt with a morgage lender who was helpful?

canmoreskier

If you can make a down payment of at least 20%, getting a mortgage will be easier. But you should also be able to get a credit report from UK that would be favourable (assuming you haven't had credit problems there) - a standard letter from UK bank should suffice.

4d32ftw

get your credit reports from equifax, experian etc....

we provided our uk credit report to our mortgage broker.
also gave him copies of uk bank statments just incase he needed them.

but it is also worth starting a canadian credit history with credit cards etc..
as they are more likely to give a mortgage if you have some kind of credit history that exists in canada no matter how small.

rich07

We got our mortgage through home trust. We were only in Canada for 2 weeks when we applied and had no jobs. We had to put down 35% and show we had funds for 6 months living

Rob_999

Also - don't go direct to the banks - get a mortgage broker and it'll be much easier plus they should get you a better rate. Our mortgage is through TD and walking into a TD branch we were quoted almost 1% higher rate. Crazy

Interested

Mortgages through brokers often have very poor terms and conditions even though they appear to have better rates (lack of ability to pre pay etc). Usually the banks will give you a much better rate than posted if you have a good down payment and decent credit history.

pdarwin

I agree with this. Brokers are often not what they seem.
See what the banks have on offer for you by contacting them directly.

saz1983

We had the same issue when trying to get a rental place, they just didn't understand why we weren't best mates with our old bank manager! In the end we did actually get a letter from HSBC in the UK saying that I was a good customer of good standing (even though my husband requested it but never mind) so you can actully get a credit reference from your UK bank. The best thing to do is ring up your branch and explain it. It might take a while to come through (and will be quicker if it goes to a UK address) but is possible.