Advice needed - in Canada but property in UK
Aug 6th 2008, 7:29 am
#1
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Thread Starter
Joined: Jun 2005
Posts: 208
Advice needed - in Canada but property in UK
Hi everyone
I need some advice if possible. My husband and I applied for PR in Aug 2005 and came to Canada on work permits in January 2008. I then found out I was pregnant just before our medical requests arrived. so our PR application is on hold until later this year when baby is born.
The problem is our flat in the UK. We can't sell it and are trying unsuccesfully to rent it out. It is now valued at less than we paid for it. The fixed rate mortgage is about to come to an end and the mortgage is going to double. I'm not sure how long we can keep up the payments on it. My question is what happend to our PR application if we go into arrears with the mortgage or even lose the flat? I imagine we should get our PR early next year after we have added baby but I don't know if we can keep our heads above water until then.
how does bankruptcy or mortgage arrears affect us at this stage in our application. Is there anything we can do?
Thanks guys
Kaz
I need some advice if possible. My husband and I applied for PR in Aug 2005 and came to Canada on work permits in January 2008. I then found out I was pregnant just before our medical requests arrived. so our PR application is on hold until later this year when baby is born.
The problem is our flat in the UK. We can't sell it and are trying unsuccesfully to rent it out. It is now valued at less than we paid for it. The fixed rate mortgage is about to come to an end and the mortgage is going to double. I'm not sure how long we can keep up the payments on it. My question is what happend to our PR application if we go into arrears with the mortgage or even lose the flat? I imagine we should get our PR early next year after we have added baby but I don't know if we can keep our heads above water until then.
how does bankruptcy or mortgage arrears affect us at this stage in our application. Is there anything we can do?
Thanks guys
Kaz
Aug 6th 2008, 7:48 am
#2
BE Enthusiast
Joined: Jan 2008
Location: West Lothian
Posts: 685
Re: Advice needed - in Canada but property in UK
Hi everyone
The problem is our flat in the UK. We can't sell it and are trying unsuccesfully to rent it out. It is now valued at less than we paid for it. The fixed rate mortgage is about to come to an end and the mortgage is going to double. I'm not sure how long we can keep up the payments on it. My question is what happend to our PR application if we go into arrears with the mortgage or even lose the flat? I imagine we should get our PR early next year after we have added baby but I don't know if we can keep our heads above water until then.
how does bankruptcy or mortgage arrears affect us at this stage in our application. Is there anything we can do?
Thanks guys
Kaz
The problem is our flat in the UK. We can't sell it and are trying unsuccesfully to rent it out. It is now valued at less than we paid for it. The fixed rate mortgage is about to come to an end and the mortgage is going to double. I'm not sure how long we can keep up the payments on it. My question is what happend to our PR application if we go into arrears with the mortgage or even lose the flat? I imagine we should get our PR early next year after we have added baby but I don't know if we can keep our heads above water until then.
how does bankruptcy or mortgage arrears affect us at this stage in our application. Is there anything we can do?
Thanks guys
Kaz
There are lots of things you can do but that is the best course of action as they should help you by changing the terms or rescheduling the debt.
Also look round and see if you can remortgage, difficult from abroad but not impossible.
30-40% of people who get repossessed don't talk to their lender. If you are with a reputable lender, they should be keen to help as it does not look good to have lots of repos on their books.
If you can't get it rented, there must be a problem, either overpriced or not looking in good condition, it's worth finding out from your agent what the issue is and address it to get the place income generating.
You are welcome to PM me about renting houses.....
Aug 6th 2008, 9:33 pm
#3
BE Enthusiast
Joined: Aug 2005
Posts: 617
Re: Advice needed - in Canada but property in UK
Hi,
but as you are in Canada already on a TWP, i suppose showing proof of funds is not necessary as long as you are still employed in Canada at the time of landing. I am not sure as to what paper you should show for it.
Hence i suppose your PR application wont be affected. but do confirm with the experts.
regs
but as you are in Canada already on a TWP, i suppose showing proof of funds is not necessary as long as you are still employed in Canada at the time of landing. I am not sure as to what paper you should show for it.
Hence i suppose your PR application wont be affected. but do confirm with the experts.
regs
