joshfromnorfolk

Hey there guys.

I have been thinking of moving to Canada for several years and now I am preparing the move. I will be transferring over to the EPS (Edmonton police service).

My main issue I have, will be finding a suitable home. I don’t have any children and it will just be me and one other person. But will be looking to invest in a family home.

Will I be able to mortgage straight away or would I have to rent for years? What sort of deposit needed for Edmonton? ( I have been looking at Sherwood park and st albert)

(I saw somewhere it will be 35% deposit but surely that’s very high!) Just want to confirm this.

Apologies if this has been covered several times.

Kind regards,

Josh

Auld Yin

You will/should be able to get a mortgage but as to the down payment required, this is a moving target. You will receive varying stories on here as to how much different BEers had to deposit. Some as low as 5% and as high as 30 or more%. If you're joining the EPS it will most likely have its own Credit Union. Such CUs are designed to help members with less expensive banking type options so I think being a member of the EPS will help you in your mortgaging efforts. Some of the major Canadian banks have special packages for new immigrants.

joshfromnorfolk

Thank you Auld Yin for your reply.

That has cleared up a few things in my mind.

A down payment of 20% would be great. anyone more then I’ll struggle.

Getting a mortgage straight away would be perfect. It's handy to know that banks have special packages.

A bit off topic but, What are Edmontonians view on police? I know English hate police with a passion.

Kind regards,

Josh

jericho

I live in Sherwood Park, so any questions, let me know.

Police here seem to be held in high(er) regard than in the UK, so I wouldnt really worry too much about that.

joshfromnorfolk

If you dont mind jericho i'll send you a messege for other information about sherwood park.

JET747

Houses here can be expensive - depending on where you move to. We are renting for 12 months (at least) and this gives us an idea on what areas we would like to settle and also build up a Canadian Credit History so that we will be able to get a mortgage easier.

We are with the HSBC and the girl there is very helpful being an immigrant herself. I could give you her email if you would like it.

We struggles to get finance on a car when we came in Sept.....we could get it but they wanted 40% down at least....not too sure of the mortgage market is the same ?

Rules seem to change constantly here.

ps - The Thornes on here are based in Calgary and works for the Police in Calgary ..very helpful and if you need to have an idea of how things are in the police here maybe worth getting in touch ?

JET

JonboyE

35% deposit is for new immigrants who don't have a job yet. If you have a steady job such as a policeman you will be able to get a mortgage with a much lower deposit - although maybe not until you have completed any probationary period.

If the EPS has an arrangement with a credit union as Auld Yin suggests this will be an excellent place to start. Otherwise just walk into bank branches and ask. There are certain government restrictions such as a minimum 5% deposit and income cover for a 5 year fixed term but beyond that there is a lot of discretion so there is no harm in asking.

However, you should think carefully about buying straight away. A house, or a neighborhood, that seems appealing when you first arrive may be less so when you have been there a while. Buying and selling real estate is expensive and there is a lot to be said for renting for the first year while you get to know the city and its neighborhoods, and tramp through as many open houses as possible to get to know all the styles and prices of houses available.

tracyandneil

Hi

Did you apply for the EPS a while ago? We are thinking about it again after deciding not to go for it (close family has now decided to come too so considered it again).... but it seems they are not recruiting at the moment? It says they might still consider specialist officers- hoping my OH would be classed as that.

Where are you transferring from?

Thanks
Tracy

cheeky_monkey

Sounds like you were royaly shafted on this one