folks, I've been reading intently the comments about having to sell in UK (houses), and sadly the drops some are having to take - Not nice - I am in the same boat so to speak however I am currently thinking of "porting" or moving my UK mortgage to my parents property in UK thus retaining what ever amount i eventually accept (Total amount) on my own property to take to Canada, the long term would be to evaluate the rates and change at some stage either over to canada or maintain the UK link - I am equally having to take a servious view on pricing..loose about 35/40k..

I don't want to rent and believe that pricing in Canada, ON - Burlington / Stoney Creek / Oakville, a reasonable 3 bed appear better, I am equally in the opinion that house prices in Canada are also dropping..

a Q.. how difficult is it getting a mortgage currently in Canada, I am assuming the same rules apply / and terms albeit differently worded

Any views

jonnie

Same as really! recently posed this question on a recce trip over to NS, if you hold a permanent job and can produce a salary that will easily cover your outgoing it will be just the same process all the banks want to know is that you are going to be able to meet the payments. However the one difference I found was that if you wish to apply for a mortgage immediately you settle you will be asked for a substantial deposit 30% was mentioned. If you can provide a deposit of 50% upwards you are vertually guaranteed to succeed because you have lowered the risk substatially to the lender, much the same as the UK really. Just info that I picked up on my recent trip over there.......hope that helps a bit.

we just bought recently in Calgary and had to produce tons of documents cos OH works abroad. The conditions are more if you are not working in Canada.

With PR, a job and established Credit, you should qualify for 5% down and over 35 years.

With PR, a job and no credit they will want to see more deposit, usually around 25%, here other factors will apply, like your other assets inside Canada, assets held abroad hold little interest to Canadian Banks as security.

No Job, No Credit then 35% to 50% deposit, you must of course show that you can afford the repayements.

What of good job abroad, no job in Canada, PR, canadian bank account with monthly remittance, good credit history

Just to say - if you have a mortgage in the UK, covered by rent or not, only the mortgage paid OUT will be taken into account when you try for a mortgage here in Canada - they do not take into account any rent you are receiving which is paying your mortgage in the UK.

I think that will Ok provided you pay goes into your Canadian Account.

Talk to a mortgage broker first, then when you will know what is available.

If you do not have a job you can pay a years mortgage up front besides the deposit.