stuabroad

Just researching buying property this evening with my fiancee. PR is 10 months away and i'm starting my third year here.

We'd like to buy somewhere soon but i haven't had a definitive answer on how my current status as non-PR affects any mortgage decision. Financially we're ok (touching lots of wood) but i wanted some input on whether we should be waiting on my PR to come through or not first before applying. Anyone else here in the same position in the recent past?

SAT

HGerchikov

We bought in Ontario while still on work permits (in 2004) - we had no problem getting a mortgage but had a fairly low loan to value ratio (50%) which the bank said was a factor strongly in our favour. We got our PR a couple of years later - the only thing I will say is that with owning our own home we felt really settled here and it was very stressful waiting to see if we were going to get our PR status as, at that point, the thought of returning to the UK was not appealing.

Frank'n Sense

Hi Sat,

I routinely deal with people buying before they get PR and in my experience lack of PR is not necessarily a barrier to getting financing. We work with a mortgage broker and I think that is better than approaching individual banks since the broker gets access to a wide variety of financial institutions.

I can recommend a mortgage broker if you contact me directly.

The main issue is probably not financing but what happens if you don't get your PR - would you be in a mess?

Warmly,

Frank