WP and buying a house !
Jul 26th 2007 | 1:25 pm
#1
Thread Starter
Forum Regular
Joined: Feb 2007
Posts: 221
From: northamptonshire onway to Calgary
WP and buying a house !
I thought i would share this with you as i put a deposit on a rental home in Okotoks, then found out you can buy on a WP with out the need to put 25% deposit down !! I lost my rental deposit, but moving in to new home in only 3 weeks!! they are fast out here !
plus it was cheaper to buy than rent.
plus it was cheaper to buy than rent.
Jul 26th 2007 | 1:48 pm
#2
RETIRED Realtor
Joined: Aug 2006
Posts: 2,087
From: Winnipeg, Manitoba
Re: WP and buying a house !
Yes, you can buy a house on a WP, the size of the deposit required varies depending on several other factors.
Jul 26th 2007 | 8:00 pm
#4
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Joined: Feb 2007
Posts: 526
From: Okotoks, Alberta
Re: WP and buying a house !
I thought i would share this with you as i put a deposit on a rental home in Okotoks, then found out you can buy on a WP with out the need to put 25% deposit down !! I lost my rental deposit, but moving in to new home in only 3 weeks!! they are fast out here !
plus it was cheaper to buy than rent.
plus it was cheaper to buy than rent.
Lisa
Jul 27th 2007 | 4:49 am
#6
Banned
Joined: Dec 2005
Posts: 667
From: Cochrane near Calgary, Alberta
Re: WP and buying a house !
Anyone can buy a house in Canada as long as it is less than 20 acres ( I think this is the correct acerage).
Anyhow to buy a house in canada just fly over find a house and put down at 35% deposit and show that you can afford the mortgage payments!
Mortgage payments allows for UK income earned but will not include if you rent your UK house out.
Mortgages are done over here based on income and debt. Thus if you have a house in the UK with a mortgage then that is a debt and so it is very hard to then come over here a get a 2nd mortgage even with 35% deposit.
Most people come over totally debt free and then it depends on how much cash they have to put down as a deposit.
35% with no job but a good chance of getting a job and you can buy a house
25% with a job but only just started work
less than 25% but have a job then you may have to wait 3 months to make sure that your employement is secure.
0% with job is harder but can be done but must show that your credit rating was really great and that you now have a great paying job (then why 0%!)
0% no job...... welcome to canada and you will be a renter for a long time!!
Anyhow to buy a house in canada just fly over find a house and put down at 35% deposit and show that you can afford the mortgage payments!
Mortgage payments allows for UK income earned but will not include if you rent your UK house out.
Mortgages are done over here based on income and debt. Thus if you have a house in the UK with a mortgage then that is a debt and so it is very hard to then come over here a get a 2nd mortgage even with 35% deposit.
Most people come over totally debt free and then it depends on how much cash they have to put down as a deposit.
35% with no job but a good chance of getting a job and you can buy a house
25% with a job but only just started work
less than 25% but have a job then you may have to wait 3 months to make sure that your employement is secure.
0% with job is harder but can be done but must show that your credit rating was really great and that you now have a great paying job (then why 0%!)
0% no job...... welcome to canada and you will be a renter for a long time!!
Jul 27th 2007 | 5:03 am
#7
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Joined: Feb 2007
Posts: 2,710
Re: WP and buying a house !
Anyone can buy a house in Canada as long as it is less than 20 acres ( I think this is the correct acerage).
Anyhow to buy a house in canada just fly over find a house and put down at 35% deposit and show that you can afford the mortgage payments!
Mortgage payments allows for UK income earned but will not include if you rent your UK house out.
Mortgages are done over here based on income and debt. Thus if you have a house in the UK with a mortgage then that is a debt and so it is very hard to then come over here a get a 2nd mortgage even with 35% deposit.
Most people come over totally debt free and then it depends on how much cash they have to put down as a deposit.
35% with no job but a good chance of getting a job and you can buy a house
25% with a job but only just started work
less than 25% but have a job then you may have to wait 3 months to make sure that your employement is secure.
0% with job is harder but can be done but must show that your credit rating was really great and that you now have a great paying job (then why 0%!)
0% no job...... welcome to canada and you will be a renter for a long time!!
Anyhow to buy a house in canada just fly over find a house and put down at 35% deposit and show that you can afford the mortgage payments!
Mortgage payments allows for UK income earned but will not include if you rent your UK house out.
Mortgages are done over here based on income and debt. Thus if you have a house in the UK with a mortgage then that is a debt and so it is very hard to then come over here a get a 2nd mortgage even with 35% deposit.
Most people come over totally debt free and then it depends on how much cash they have to put down as a deposit.
35% with no job but a good chance of getting a job and you can buy a house
25% with a job but only just started work
less than 25% but have a job then you may have to wait 3 months to make sure that your employement is secure.
0% with job is harder but can be done but must show that your credit rating was really great and that you now have a great paying job (then why 0%!)
0% no job...... welcome to canada and you will be a renter for a long time!!
Thanks for this Helen
Does your income against your UK property debt count?
Also if putting down less than 25% deposit don't you have to pay a hefty insurance?
Gryph
Jul 27th 2007 | 5:21 am
#8
Banned
Joined: Dec 2005
Posts: 667
From: Cochrane near Calgary, Alberta
Re: WP and buying a house !
Income against your UK property debt...... rental income unfortunately does not count as income, I don't why and it should but it doesn't. I think it is because it is not stable enough your tenants could move out, it seems strange.
Yes you do pay CMHC insurance if the deposit is less than 25%. It is based on the percentage of how much you do put down and the percentage rates have just reduced to help buyers. Seems that Uk people all get in a pickle over having to have your mortage insured and try thier hardest to get to that magical 25% but Canadians just go and buy a house cos by the time they pay the rent on a house whilst they save to 25% they could have got the house.
I know a great mortgage broker if you pm and she can get you started on the paperwork whilst you are still in the UK
Jul 27th 2007 | 6:06 am
#9
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Joined: Feb 2007
Posts: 2,710
Re: WP and buying a house !
Income against your UK property debt...... rental income unfortunately does not count as income, I don't why and it should but it doesn't. I think it is because it is not stable enough your tenants could move out, it seems strange.
Yes you do pay CMHC insurance if the deposit is less than 25%. It is based on the percentage of how much you do put down and the percentage rates have just reduced to help buyers. Seems that Uk people all get in a pickle over having to have your mortage insured and try thier hardest to get to that magical 25% but Canadians just go and buy a house cos by the time they pay the rent on a house whilst they save to 25% they could have got the house.
I know a great mortgage broker if you pm and she can get you started on the paperwork whilst you are still in the UK
Yes you do pay CMHC insurance if the deposit is less than 25%. It is based on the percentage of how much you do put down and the percentage rates have just reduced to help buyers. Seems that Uk people all get in a pickle over having to have your mortage insured and try thier hardest to get to that magical 25% but Canadians just go and buy a house cos by the time they pay the rent on a house whilst they save to 25% they could have got the house.
I know a great mortgage broker if you pm and she can get you started on the paperwork whilst you are still in the UK
Gryphea
Jul 27th 2007 | 6:08 am
#10
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Joined: Feb 2007
Posts: 2,710
Re: WP and buying a house !
Jul 27th 2007 | 6:14 am
#11
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Joined: Feb 2007
Posts: 2,710
Re: WP and buying a house !
in fact quite depressed about them not counting rental income, as having looked at a mortgage calculator I can't really see how we can buy at all if our debt counts against us and our rental income doesn't. It seems mad as we have lived in our house 10 years and have a pile of equity and OH is a reasonable earner
Jul 27th 2007 | 7:29 am
#12
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Joined: Feb 2007
Posts: 2,710
Re: WP and buying a house !
found this - so clearly some lenders do include rental income:
http://canadian-mortgages.com/application_basics1.htm
Gryphea
http://canadian-mortgages.com/application_basics1.htm
Gryphea
Jul 27th 2007 | 2:07 pm
#13
Thread Starter
Forum Regular
Joined: Feb 2007
Posts: 221
From: northamptonshire onway to Calgary
Re: WP and buying a house !
hi we brought a place in crystal ridge near the lake in Okotoks, it looks like a great place !! and close to the foot hills,
Jul 29th 2007 | 6:18 am
#15
Forum Regular
Joined: Nov 2003
Posts: 298
From: Vancouver Island
Re: WP and buying a house !
Income against your UK property debt...... rental income unfortunately does not count as income, I don't why and it should but it doesn't. I think it is because it is not stable enough your tenants could move out, it seems strange.
Yes you do pay CMHC insurance if the deposit is less than 25%. It is based on the percentage of how much you do put down and the percentage rates have just reduced to help buyers. Seems that Uk people all get in a pickle over having to have your mortage insured and try thier hardest to get to that magical 25% but Canadians just go and buy a house cos by the time they pay the rent on a house whilst they save to 25% they could have got the house.
I know a great mortgage broker if you pm and she can get you started on the paperwork whilst you are still in the UK
Yes you do pay CMHC insurance if the deposit is less than 25%. It is based on the percentage of how much you do put down and the percentage rates have just reduced to help buyers. Seems that Uk people all get in a pickle over having to have your mortage insured and try thier hardest to get to that magical 25% but Canadians just go and buy a house cos by the time they pay the rent on a house whilst they save to 25% they could have got the house.
I know a great mortgage broker if you pm and she can get you started on the paperwork whilst you are still in the UK
Just in case you didnt know the downpayment has now changed to less than 20% before you have to pay the premium. This is because of the sky rocketing realestate market and the unaffordability of houses for 1st time buyers.
