Elli and Paul

Hi, we are looking into mortgages in Edmonton, does anyone know of a mortgage provider that offers a good rate. We have had one that will do us a mortgage but interest rate is high (6.5) until I complete my 18 month probation.

The same with banks, there is so much conflicting advice makes your head swim :roll:

Thanks
Paul

ipevo

Hi

Try getting one via your UK bank (assuming you're still in the UK) this is what I did and it worked out to be the best method and alowed me to buy a property before I landed.

Elli and Paul

Thanks for the advice will try it

Dartmoor_3

Hi there, Hope you can help, we are also in this situation, we are hoping to buy on Vancouver Island, our house is sold here & should clear funds in around four weeks, which bank did you arrange your mortgage with? We were told to use the HSBC & open up a premier account with them, once in place they would then arrange our mortgage offer with the HSBC in BC. So that once we landed or saw something we could buy, otherwise the Canadian Banks are asking for Landed Immigrant Status before they will grant you a mortgage.

...So we made an appointment at the bank last w/end & they informed us that unless we have savings with them of £50,000 or a mortgage of £200,000 we were not eligible to open a premier account. I said that once the monies come in from the sale of our home, then there would be much more than £50,000 deposited into the premier account, they replied that it wouldn't be possible seeing as we would be using the monies for a mortgage once we were over there! Not a very good service at all & I've banked with them for 5 years

Sarahad

Ive been in touch with a mortgage advisor over in Edmonton, I was given the contact details by a realtor who has been giving me information about houses there. I may not necessaraly use the mortgage advisor/realtor when we actually get there as depends what is best for us, but they have been very helpful. Mortgage advisor has advised how much we should be able to borrow and also can get us a mortgage with 10% deposit, max 15%, we will of course be putting more down when the time comes.
Have you spoken to any realtors/mortgage advisors at your destination for advice?

Elli and Paul

Thanks for that, yes we have just trying to see if there was any better advice , the realtor is good but the interest rate for the mortgage is high for the first 18 months. Will plug on

Sarahad

Im not sure but I think it may be the same with most companies, after all we are new to the country and will have no credit history... so I am expecting it
to be high interest rates. Let us know if you get any more info though. I have been told on average for every $100,000 you borrow expect to pay around $600 a mth.

Almost Canadian

This isn't my experience. TD Canada Trust are more than happy to provide me with a mortgage before I've landed and based on UK salary - this is what we intend to do just as soon as we are in funds from our house sale

We are heading to Alberta - don't know if things are different Province to Province.

We can also choose whether to use the Landed Immigrant Status (1/3 down no questions asked) or affordability depending on which best suits us. What I find incredible is that they are prepared to base mortgage on current UK salary even though they know that, 3 months later, we will be living in Alberta

Canada2006

Things may be different bank branch to bank branch! I don't know how much discretion they have.

As for higher interest rates for the first 18 months. Makes perfect sense, you're a higher risk for the first 18 months! In finance, risk=cost=interest rate.

ann m

Hi - going to slightly detour on the main question (again ! I keep doing this as something new pops into my head !! )
Is there such a thing as a 'buy-to-let' mortgage in Canada - or a similar animal ?

We were hoping to buy our home outright, and then possibly, at a later stage buy a second place as an investment for renting out. It would be nice to keep the finances separate and the rental property pay for itself, if possible.

Cowtown

A lot of people are finding that they cannt put the rent high enough to cover the costs in rental properties. Bear in mind that grow ops are big business over here and can result in your house being destroyed.

Almost Canadian

For the uninitiated "grow ups" are where drug producers grow their marujana. They do so on a massive scale until they're caught, when they are, the local authorities get involved requiring the owner or the prospective purchaser to fund the cost of the clean up operation.

We had no idea about these until we looked at buying a house that seemed to be listed way too cheaply - this wast the reason why. The grow up operation was based in the basement and huge holes had been made in floors, walls etc to accommodate the water pipes and other stuff that the growers were using.

Our realtor advised us against even looking at it as he felt that we were bound to fall in love with it and want to pay the cost of cleaning it up - he said that lots of Brits felt this way but they always regretted it. Apparently the local druggies will attend for ages afterwards wanting their goods etc

Tiffin Tease

Really stupid question i'm sure but did you ring the local branch in Alberta or did you try online? And they take into account our UK salaries?? So I could potentially get one sorted before we land?

Almost Canadian

Not stupid at all.

When we were over there for a research trip we popped in and had a chat - made a contact etc. Although we did not discuss mortgages at that time, we were given the name of their mortgage person when we enquired from this country and have been in touch with her ever since.

If you PM me I will give you her name, number (will have to do that later as I'm at work and the stuff is at home).

She will let you know what docs you need (nothing too onerous) and she has explained to me that, once these docs are presented to them, they will pre-approve you up to a certain amount so that you can then buy a house.

Tiffin Tease

Thanks, that'll be really helpful I'll do it when I get home too...