mumof2

I actually found HSBC a complete & utter waste of time both in the UK and Internationally.

RBC will allow you to open a bank a/c from the UK just by completing some paperwork, then when you arrive you just turn up at the local branch with id in hand.

minimeeze

Great thread
I just wanted to ask about mortgages...

We set up bank accounts today with Scotiabank and asked about mortgage approval as we are quite keen to get our own place. The guy dealing with us told us we could easily afford the amount we wanted to borrow, however we need a 25% downpayment. Is this the usual case for new immigrants? (we have literally just arrived). Is 25% standard for all banks or do we get a better deal if we shop around? For a house at the lower end of our budget, it would mean a $115,000 deposit

iaink

What do you do for a living? Employment is the key to sucessful immigration I think. Many of the bigger local employers, especially those in the auto supply business, are taking a beating. Halla and Autosystems are both shedding jobs like crazy, Nestle in Trenton is closing a plant, and the Interface factory by the 401, up the street from my work announced it was closing just the other day..another 70 jobs gone

Sandbanks is a beautiful spot for sure. Very touristy in the summer though. I looked at a nice little house on the outlet @ sandbanks once. It was january, we couldnt reach it for about 2 feet of snow. Because it sticks out into the lake its always a bad spot for snow, even when the rest of the area is clear.

deanjp32

Way back when i went to Montreal on a work permit i was able to buy a property with a mortgage from Scotiabank with only a 10% deposit but that was back in 2000. When we got to Nova Scotia in 2008 we were not landed. We had decided enough was enough in the UK. Anyway we went into Scotiabank who we had our last mortgage with and they would not touch us but HSBC did with a 30% deposit. That mortgage was intended for non residents hence the high deposit but fantastic interest rate at 2.7% at the moment.

My point being shop around. I was shocked that having had a mortgage with Scotiabank which when we went in 8 years later they still could see on the computer they would not touch us yet HSBC who we never banked with in the UK were fine???

shelley748

Hi there
Really depends on the lender-CMHC does allow less than 25%, we just have to find a lender to do it. I am making enquiries and will let you know..

jimbloby7

I have a lot of disciplines mainly within construction, haulage and production. I have recently been made redundant in the uk and have already discovered the difficulties of gaining employment during a recession,as a result i am now doing a job that i would never imagine i would ever do. I expect it to be as difficult in Canada short term in gaining employment. However i do not expect to get there until the back end of the year or beginning of 2010.

I am glad you informed us about the snow conditions on the sandbanks. We intend on renting for 6 months to help us get the lay of the land. Financially it makes sense to buy off PEC, as you tend to get better value for money on the north side of the 401, according to mls.

If there is ever anything you think could be beneficail for us to know about the area we would be grateful for your input.

Thanks jim, kay and family

startwin

I think it's that way at all the banks here. I used to do that regularly at the HSBC downtown for my work, and I also deal with the BoM, Scotia and TD - all the same. And yet regularly expats get on here and complain about our banking services. I just don't understand it. At least our tellers are pleasant and not hiding behind glass requiring you to loudly communicate your business with them.

triumphguy

The banks give you deals that make sense to them! And mortgage guys/gals in banks do the deals that give them the least paperwork. Not that I'm cynical or anything, but I work in this area also.

You can get into a house with 10% if you qualify.

The CMHC rule of 25% is just one way to get a house.
If you depost less than 25% you have to pay CMHC insurance (which protects the lender not you), which could add a few thousand to the price of the mortgage, but only a few dollars a month to the mortgage payment.

Now there's "A" lenders and "B" lenders.
A lenders are the big banks' brand name mortgage retailers (BMO, CIBC TD, Bank of Nova Scotia).
B lenders are smaller banks and Trust companies - often owned by the same "A" lender banks! Eg First Line is a division of CIBC.

A lenders have different requirements from B lenders.
The product is the same - a mortgage. But mortgages from B lenders may have easier terms for you - 10% down, easier qualifying/less stringent income requirements, credit history requirements etc.

The problem is the bank branches don't get credit if they help you get into a "B" lender mortgage!

So go to a mortgage broker not the bank first.

If you're moving to Calgary I can point you in the right direction.

iaink

Well, if you have HGV experience (A-Z license) there are a couple of largish haulage firms near Belleville who are often looking for drivers, Meyers and Cooney, as well as the Sears distribution arm, SLH. Then there are the associated maintenance operations.


http://www.meyers.ca/
http://www.cooney.ca/

Construction seems to be doing OK still too, there are large subdivisions still going up, although I have no idea who is coming here with the money to buy them. Hilden Homes and Staikos are two of the bigger players locally that come to mind.

Good Luck!

JonboyE

I can only guess that the back offices of Canadian banks don't have as many technical whizzes and bangs as they do in The City, and this upsets some of the techie posters. As a customer I much prefer the Canadian banking system and its human characteristics. I also guess that for some people different automatically translates to worse, but this is another example where being "years behind the times" is actually better.

Given the events of 2008 I don't think anyone in banking in the UK has any right to be smug.

triumphguy

In 2008 Canadian Banks proved they are among the best in the world!

jimbloby7

Thanks iaink

dinger24

I am still in th EU and I was amazed at how good the banks in Med Hat were. You cannot compensate for the eye to eye contact and the one on one individual experience, it is what puts you as a person at ease when you walk out knowing that you have got the answer you wanted.
The UK and the EU are miles ahead? No! we have it wrong and need to go back to how it should be done like it is in Canada

DaveLovesDee

It'll never happen as the number of bank robberies would increase if they did. Also, I'm sure someone will claim it'll create a health and safety risk.

dinger24

Yes your right, its probably what they teach in Schools nower days, oops! cant call them Schools any more so I hear! Places of education or something!