Mortgage question please!
 

Too cut a long story short, we are permanent residents who lived, worked and bought a home with a mortgage between 2009-2014. Returned to UK last year been here 9 months and have decided to go HOME (yes now realised Canada is where we feel home is for us:thumbsup:)

My question is .................... We will be going back without jobs, does anybody out there know if we will be able to secure a mortgage as we will have quite a large deposit to put down?

Re: Mortgage question please!
 

From here: https://www.rbcadvicecentre.com/esse...-for-newcomers

Down payment without two years’ employment history

If you have a substantial down payment (35% or more), and aren’t able to provide the usual confirmation of employment / income to prove you can service a mortgage, you still may be able to get a mortgage by simply answering a few basic questions about your financial history, and your permanent residency status.

If you don’t have the 35% down payment, then you may still qualify to get a mortgage, but it will need to be insured against default. The following are some guidelines for this situation:

You must have immigrated to Canada within the past 24 months
You must have landed immigrant status
You must have a minimum of three months’ full time employment in Canada
All debts held outside of Canada must be included in determining how much you can afford, or your total debt servicing ratio
You’ll require a letter of reference from a recognized financial institution

Re: Mortgage question please!
 

Good reading.............thanks for post!

Re: Mortgage question please!
 

Why not rent to start with? I'd sooner waste about $20k on rent for a year than throw away money in a falling housing market.

Depending on where you are moving to, the property market may be heading for a nosedive (Alberta, Saskatchewan...)

Re: Mortgage question please!
 

If you can put 35% down you should be able to find someone to give you a mortgage.

Re: Mortgage question please!
 

We got a line of credit rather than a mortgage when we got our 1st house - it may be an option for you.

Re: Mortgage question please!
 

Interesting idea. I can see how it could be handy, as apart from the minimum payment, you could pay more / less based on what you have.

Re: Mortgage question please!
 

You will likely get a better rate on a mortgage than a line of credit.

Re: Mortgage question please!
 

Yep and you can reborrow if need be too. We were paying prime plus 1% and course you only pay interest on what you have actually borrowed.