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Mortgage Question from Returning Permanent residents????

Mortgage Question from Returning Permanent residents????

Old Apr 4th 2015, 12:26 pm
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Default Mortgage Question from Returning Permanent residents????

Hi I was hoping somebody out there can help us!

We are permanent Residents of Canada having lived there for 5 years between 2009-20014. We had jobs, mortgage etc before we sold up and came back to the UK last May. (long story............wrong decision!) Anyhow we are returning less than a year later and it seems we are struggling to get a pre approval for a mortgage the second time around

We have a large deposit to put down between 35-40% of what we hope to purchase, the downfall is we will have no jobs at first, although we will still be left being able to show we can pay a mortgage for at least 1 year without any income.

We don't qualify for a new immigrant mortgage anymore as we have been Permanent Residents for longer than 5 years!! however we have built up a good credit history in Canada.

We really don't want to waste money renting, but it seems we are caught between a rock and a hard place.

There must be some lenders out there that will be able to help surely?????????

Has anybody fallen into this situation and come through the other side!!!!
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Old Apr 4th 2015, 1:18 pm
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Default Re: Mortgage Question from Returning Permanent residents????

Originally Posted by [email protected] View Post
Hi I was hoping somebody out there can help us!

We are permanent Residents of Canada having lived there for 5 years between 2009-20014. We had jobs, mortgage etc before we sold up and came back to the UK last May. (long story............wrong decision!) Anyhow we are returning less than a year later and it seems we are struggling to get a pre approval for a mortgage the second time around

We have a large deposit to put down between 35-40% of what we hope to purchase, the downfall is we will have no jobs at first, although we will still be left being able to show we can pay a mortgage for at least 1 year without any income.

We don't qualify for a new immigrant mortgage anymore as we have been Permanent Residents for longer than 5 years!! however we have built up a good credit history in Canada.

We really don't want to waste money renting, but it seems we are caught between a rock and a hard place.

There must be some lenders out there that will be able to help surely?????????

Has anybody fallen into this situation and come through the other side!!!!

What if you buy a house in wherever but then get job offers in a completely different place? The transaction costs of relocating near to the job would far exceed rental costs for (hopefully) only a few months.
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Old Apr 4th 2015, 4:18 pm
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Default Re: Mortgage Question from Returning Permanent residents????

I agree with Novo. Buying limits your work opportunities or may cost a bundle if you have to move. Rent is not a waste of money if it allows flexibility, more job opportunities and saves the cost of an unexpected move.

I had a job when I came here, still rented for 6 months until settling on where to live. We have moved a few times since, but out of choice not necessity.
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Old Apr 4th 2015, 5:07 pm
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Default Re: Mortgage Question from Returning Permanent residents????

Thank you for your replies.

However we are returning to exactly the same town and we want to live in the same area as before. My daughter is returning to the same school so we do know where we want to buy, if only someone out there would give us a mortgage!
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Old Apr 4th 2015, 5:20 pm
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Default Re: Mortgage Question from Returning Permanent residents????

There is definitely someone out there who will give you a mortgage. You'll need to go to the private vs institutional market, but be prepared to pay more. Contact a mortgage broker. Someone in that field will/can find you a mortgage.
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Old Apr 4th 2015, 5:22 pm
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Default Re: Mortgage Question from Returning Permanent residents????

Thank you,

That makes me feel a whole lot better, I will keep trying and will contact a mortgage broker verses the Banks!
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Old Apr 4th 2015, 6:05 pm
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Default Re: Mortgage Question from Returning Permanent residents????

I have moved your thread into the general Canada Forum. The Immigration Forum is purely for questions regarding Canadian visas and Canadian citizenship.

Last edited by Jerseygirl; Apr 4th 2015 at 9:34 pm.
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Old Apr 4th 2015, 9:08 pm
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Default Re: Mortgage Question from Returning Permanent residents????

Originally Posted by [email protected] View Post
Thank you for your replies.

However we are returning to exactly the same town and we want to live in the same area as before. My daughter is returning to the same school so we do know where we want to buy, if only someone out there would give us a mortgage!
Someone will indeed offer you a mortgage in the neighbourhood that you're returning to, but the question that really needs to be answered first is "will anybody offer you a job there?".
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Old Apr 5th 2015, 1:08 am
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Default Re: Mortgage Question from Returning Permanent residents????

Hi, hope you manage to find a mortgage that suits. A broker should have more options.
We are looking to immigrate to Canada from the UK. Do you mind me asking, what made you decide to come back?
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Old Apr 7th 2015, 8:31 pm
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Default Re: Mortgage Question from Returning Permanent residents????

Yeah a broker/ agent should be the answer. Which area is it, should we be coming up with suggestions?

The problem with rent is not so much the renting per se, rather renting for less than a 12 month contract. We managed and I see others have but it's not the norm over here.
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Old Apr 7th 2015, 9:19 pm
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Default Re: Mortgage Question from Returning Permanent residents????

We are in London Ontario. so if anyone can recommend a mortgage broker that would be just great!
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Old Apr 11th 2015, 5:56 pm
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Default Re: Mortgage Question from Returning Permanent residents????

Originally Posted by [email protected] View Post
Hi I was hoping somebody out there can help us!

We are permanent Residents of Canada having lived there for 5 years between 2009-20014. We had jobs, mortgage etc before we sold up and came back to the UK last May. (long story............wrong decision!) Anyhow we are returning less than a year later and it seems we are struggling to get a pre approval for a mortgage the second time around

We have a large deposit to put down between 35-40% of what we hope to purchase, the downfall is we will have no jobs at first, although we will still be left being able to show we can pay a mortgage for at least 1 year without any income.

We don't qualify for a new immigrant mortgage anymore as we have been Permanent Residents for longer than 5 years!! however we have built up a good credit history in Canada.

We really don't want to waste money renting, but it seems we are caught between a rock and a hard place.

There must be some lenders out there that will be able to help surely?????????

Has anybody fallen into this situation and come through the other side!!!!
Hi, sent you a PM.
Cheers.
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