Originally Posted by traceyparker1

Any advice/suggestions/ways around this???? Help, please!

Originally Posted by jempee

Sans: Thanks for reply. We are moving to Shawnigan Lake about 10 min drive from Cobble HIll. Do you know the area?

Pete66: We were told by another english couple that we would not even be looked at for a mortgage until we had been here for 3 months. Our realtor put us onto a mortgage broker who said this was not true and has found us a mortgage. We are putting 35% down which she said REALLY helps! Our only problem is the canadain mortgage company wanted a letter from our english bank to confirm we have been good payers as we have no canadian credit history. our bank, Barlays.... would like to rant and rave here but i have done that in a nice letter of complaint to them.......................
say this is not possible and they will only send it to a 3rd party :confused: and that will take 6 days if in England but hey you are in canada so could take maybe 2 weeks :mad: told them i only have till tuesday to show finances or we will lose mortgage. Have now left it in brokers hands to try and get it sorted. If we lose this house i will not be a happy bunny!!!!!
We went for a variable which is 1.5 below prime so we will be at 4.5% for a year, didnt want to get locked into a fixed rate as so many people have told us that interest rate is coming down. for 3 years after that we will be at .4% below prime. We can change to fixed after the 1st year if we want to. You dont have to pay penalties etc you just call the broker back. The mortgage is also portable...so if we sell up and move the mortgage can come with us. so if the rate has gone up in the mean time it will not matter as you will still have the mortgage at the rate originally set!
I think brokers may be able to get you a better discount, but i really dont know enough to have a valid opinion :o

Rob_999 I have seen some house prices in Vancouver and they are well high. Good Luck :p

Originally Posted by bad.andy

If you're putting down 35% you should be able to sign a declaration that is like a self-certified mortgage in the UK, we did it with a 25% deposit as non-residents, but we're paying 6% though.

bad.andy

Originally Posted by dentaltech

we have been here since 30th september , bought a house and move in this week , we only put down 15% , got a newcomers to ontario mortgage , yes we had to pay an insurance but we are waiting for money from our business so this was the easy way to do it for now, we could not do the 35%.

Originally Posted by traceyparker1

See, that's our problem...now I'm no math whizz, but 35% of $300,000 (which seems to be an average price in Downtown Vancouver) is around $105,000. Who has that kind of money in cash to put down (well, I guess if you just sold a house you would, but we didn't). We have tried a mortgage broker - he was the one that told us about the 35%, the bank told us we need a combined income of around $80,000. Who is buying all these condos that are springing up here in Vancouver? Investors? Overseas business people? I can't believe that your "average" family/first homebuyer has that amount of cash on hand....sob, sob, I want my own place!!!!

Tracey

Originally Posted by pete66

Dentaltech

Could I ask how you found "the newcomers to Ontario Mortgage"?

Thank you

Pete

Originally Posted by Linda P

Quote..

Hope you don't mind me asking.....who is your mortgage with....4.5% is a great rate.....

Linda