Let It Snow

Just wondering if anyone has advice / experience of getting a mortgage in Canada without permanent residency?

We bought our property in cash in 2007 as a holiday home and have been in BC since December 2011 on a visitor visa. We've now found a business we would like to buy (and apply via PNP for PR), but need to liquidate some of the assets we have in our property here.

We seem to have hit a catch 22; we can't get a mortgage now as we don't have the correct status, but we can only get the correct status if we purchase the business and for that we need some of the cash out of our Canadian property..if only we'd got a mortgage when we initially bought our house here.

Many thanks forum gurus

JonboyE

Have you talked to a mortgage broker? There are lenders that will go up to 65% of the property value without status checks.

Let It Snow

Thanks, will give that a go; have only contacted banks so far...

Ailsa n Dave

Did you try Scotia bank? They have an immigrants program, we found them very helpful

ninaDGBCA

I think even Scotia wants at least a TWP though. But I agree with Jonboy, contact some mortgage brokers.

Ailsa n Dave

Wouldn't you need more than a visitor visa to buy a business, ie: that would be working? Possibly even more catch 22 than initially thought...

Let It Snow

Thanks for advice and comments...

With a minimum investment we can apply for the BC Provincial Nomination Program, even on current visitor status, and this gives us a two year temporary federal work permit to prove ourselves in the business and providing we meet the goals set by BC they will nominate us for PR with CIC.

We are also applying for temporary work visa so this may help status with regard to mortgage....fingers crossed

Novocastrian

Talk to RICH.

Let It Snow

Novocastrian, sounds intriguing, who is Rich and how do I contact him if I need to?

R I C H

No. I purchased property and land and started a business with only visitor status, and was given a 50% mortgage by RBC. It took several months to get a TWP that was associated with the business. During the interim period I just couldn't draw any income from the business.

R I C H

That'd be me. Drop me a line if you've got questions.