i need some urgent advice.....
Feb 1st 2005, 10:55 pm
#1
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i need some urgent advice.....
hello, all! yes, i am still around! i havent moved back to the uk yet--why? you shall see when i tell you. problem is, i made a big mistake when we first arrived here, in that i put down a deposit on a brand new, unbuilt condo. now, the problem is, although the condo is not due to be completed until late this year, because we have decided to leave canada, i am going to find it difficult to get a mortgage, at the right rate, for the place. my initial idea was to flip it after completion, but you can only flip something when you have actually bought it, and the only way you can buy a condo is get a mortgage. so, my dilemma is this--i want to up sticks and get out right now, but i had a quick chat with a local loan arranger who said that they can get me a mortgage at 5% down, but i have to wait until april, as my credit rating is not high enough yet (they presme that by april or may i will have accrued enough credit rating points). secondly, the loan company will need to refer to my employers when the condo is complete, in order to confirm if i am really working there or not! thing is, if i leave for uk now, come april/may, i wont be working at the place, so obviously they will not be able to get me a loan! the only option left to me is to put down a hefty 25%, and at that rate, i can get a loan wherevr i am, without proof of income whatever, so they say. so, any of you handle mortages or loans at , pls? or does anyone want to take over my purchase?
Feb 1st 2005, 11:12 pm
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Re: i need some urgent advice.....
Originally Posted by julius smith
hello, all! yes, i am still around! i havent moved back to the uk yet--why? you shall see when i tell you. problem is, i made a big mistake when we first arrived here, in that i put down a deposit on a brand new, unbuilt condo. now, the problem is, although the condo is not due to be completed until late this year, because we have decided to leave canada, i am going to find it difficult to get a mortgage, at the right rate, for the place. my initial idea was to flip it after completion, but you can only flip something when you have actually bought it, and the only way you can buy a condo is get a mortgage. so, my dilemma is this--i want to up sticks and get out right now, but i had a quick chat with a local loan arranger who said that they can get me a mortgage at 5% down, but i have to wait until april, as my credit rating is not high enough yet (they presme that by april or may i will have accrued enough credit rating points). secondly, the loan company will need to refer to my employers when the condo is complete, in order to confirm if i am really working there or not! thing is, if i leave for uk now, come april/may, i wont be working at the place, so obviously they will not be able to get me a loan! the only option left to me is to put down a hefty 25%, and at that rate, i can get a loan wherevr i am, without proof of income whatever, so they say. so, any of you handle mortages or loans at , pls? or does anyone want to take over my purchase?
Feb 1st 2005, 11:15 pm
#3
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Re: i need some urgent advice.....
Originally Posted by julius smith
hello, all! yes, i am still around! i havent moved back to the uk yet--why? you shall see when i tell you. problem is, i made a big mistake when we first arrived here, in that i put down a deposit on a brand new, unbuilt condo. now, the problem is, although the condo is not due to be completed until late this year, because we have decided to leave canada, i am going to find it difficult to get a mortgage, at the right rate, for the place. my initial idea was to flip it after completion, but you can only flip something when you have actually bought it, and the only way you can buy a condo is get a mortgage. so, my dilemma is this--i want to up sticks and get out right now, but i had a quick chat with a local loan arranger who said that they can get me a mortgage at 5% down, but i have to wait until april, as my credit rating is not high enough yet (they presme that by april or may i will have accrued enough credit rating points). secondly, the loan company will need to refer to my employers when the condo is complete, in order to confirm if i am really working there or not! thing is, if i leave for uk now, come april/may, i wont be working at the place, so obviously they will not be able to get me a loan! the only option left to me is to put down a hefty 25%, and at that rate, i can get a loan wherevr i am, without proof of income whatever, so they say. so, any of you handle mortages or loans at , pls? or does anyone want to take over my purchase?
Feb 2nd 2005, 12:55 am
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Re: i need some urgent advice.....
thanks for the advice, psb182. yes, there may well be such a clause--i will check it out. as rgds asking them to sell it, i tried that and they say that they will not get involved in selling it--if i can find a buyer, then i can exchange all the paperwork, via a lawyer if reqd, with the new party, and the new party can pay me whatever i have put down etc. the builders are quick to take your money, but if you want out after longer than 14 days after the signing, you are on your own! 
Originally Posted by psb182
or there must be a financing clause that you can't buy it if you can't get the financing......if you got no job then you will not get fiancing
