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| Subject: MORTGAGE FOR NEWCOMER |
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Hi,
We received the good news on Monday evening that we are in a position to proceed with our application for residency. They have stated 6-12 mths with an average of 9 mths.Maybe just a little quick for us as we have house to sell and a bit of research to do yet. I am a UK driving instructor and have made enquiries and can requalify and land a job with a company in Ontario ($55k CAD per annum) about the same as UK.I have a police pension worth $24 K that I will be taking with me. My husband earns currently equivilent to CAD $94 k, although he may not earn as much as that in Canada. If we look for him to earn about $60k per annum,at least, that would give us in the region of $130-$140 per annum. Would we be able to get a mortgage on arrival or would we have to wait a while and rent until we buld a new credit rating for ourselves. What mortgage would we be entitled to on those salaries?
[14-08-2009,06:53]
[***.93.21.102]
WENDY |
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(in reply to: MORTGAGE FOR NEWCOMER)
don´t sell your house until you know if you will be approved.
many of the Canadian banking websites have mortgage calculators that will help you figure out your buying power.
What I would suggest is that you bring any verification you can about your UK banking history. Letter from your bank perhaps about your credit rating, mortgage history etc. so you can show what sort of risk you might be.
Also, consider a credit union when you arrive. Many are willing to be more flexible with new immigrants when it comes to credit approval - they want your long term business.
[14-08-2009,08:29]
[***.20.116.15]
Sharon |
(in reply to: MORTGAGE FOR NEWCOMER)
do you want a candid advice? if you and your husband earns that much in U.K what are you coming to do in Canada? to start life all over again? it is not advisable because it is going to put stress in your marriage if you are not getting what you desire. it happens to me but thank God i have an understanding spouse which when the pressure weighs me down she pulls me up. can you do that to your spouse?
you have to think deeply before you make any decision to migrate to Canada with that type of comforts you are enjoying in U.K because if you are not fortunate you might not get to the eldorado, a word is a enough for the wise
[14-08-2009,13:37]
[**.227.200.26]
adible |
(in reply to: MORTGAGE FOR NEWCOMER)
It sounds like you will be able to put down a minimum of 25% down payment on a new mortgage in Canada which will greatly increase your chances of getting a mortgage approval right away. We moved here from the US and had no problem getting a mortgage, credit card, etc as soon as we settled. Do have all your paperwork in order, but I don´t think the process is mysterious or difficult as it might seem.
Good luck.
[14-08-2009,15:58]
[**.252.115.196]
wannabecanadian |
(in reply to: MORTGAGE FOR NEWCOMER)
Adible gave the best (realistic) advice. Your hubby may not make even 50k here! Unless of course you guys secure employment BEFORE moving. Once you are here, the mystic of Eldorado may come undone and you may start regretting the move. It is best if both of you take unpaid leave of absence from your current jobs at the tim eof your moving and NOT sell your house there; once you arrive here and firmly confirm to yourself that you have the jobs here and are actually happy with your new country, you can always zip back to England (airfares to Britain are much cheaper than to other parts of the world), sell off the house (or put it on the market thru some agent), formally resign your jobs and return. Unless you are living in some very remote boonies in England, you may realize that Canada is a whole of horse-shit. In such case, you can return home with a smile on your face (and not a grimace).
[15-08-2009,12:12]
[***.202.38.241]
costs |
(in reply to: MORTGAGE FOR NEWCOMER)
any time you ask your type of question, all the complainers turn up and tell you immigration is a waste of time blah blah blah.
300,000 people come each year and the majority of them settle in very well. It sounds like you have been doing good research about job possiblities and you are being realistic about earning potential for your husband. Hopefully, you are pleasantly surprised.
The first few years are always tough in terms of adjustment but I suspect your decision to move has not been done lightly and there are lots of things that motivate you beyond getting rich in North America which seams to be the mythical dream of many prospective immigrants.
The idea of renting may not be a bad one... especially if you are not joining extended family or a specific job in a city. Keep your options open to find exactly what you might like for your future.
[15-08-2009,13:10]
[***.20.116.15]
Sharon |
(in reply to: MORTGAGE FOR NEWCOMER)
Many thanks for all the helpful comments, most of them were. We are not intending to rush off to an Elderado lifestyle or to get rich or to start all over again!! We have everything we want here,except the weather and just thought it would be nice to experience life in another country with good weather and outdoor activities and in a beautiful country. I don´t think there is anything wrong with wanting that for our family. My husband already spends 4 months each year in Canada , for the past 3 years, working in Ontario for his UK based company. We feel we have a little insight into how life is in Canada, although not from paying bills and everyday living,etc,etc. We have thought about it already for 2 years and will continue to do so. We intend to spend one month in Canada next May/June before making a final decision, whilst our application is being processed. He can transfer and earn the same salary as he does now or switch to a previous occupation which pays less than that, if he has to or chooses to. Either way, we would never move without a job offer in place . We have discussed renting out our property for at least 6 months , just to make sure we have made the right choice. I am self employed, so can come home to my business again and husband would easily get a job back in the oil and gas industry if we were to return. Thanks for all your comments, we have taken them all onboard and we´ll see how things go
[15-08-2009,16:59]
[***.93.21.105]
WENDY |
(in reply to: MORTGAGE FOR NEWCOMER)
one last consideration(Roy is going to kill me) If you are looking for weather...and assuming there may be the job transfer option which is critical... have you considered BC.
Brits seem quite at home in our mild, wet westcoast lifestyle.
[15-08-2009,19:27]
[***.20.116.15]
Sharon |
(in reply to: MORTGAGE FOR NEWCOMER)
a decent summer that lasts for longer than one week would be favourable. Scotland has enjoyed a little better weather than England´ just of last, but not enough to write home about. We don´t mind dealing with the winters if there is something decent in between. Any locations that fit the bill Sharon? Calgary is on offer for the job transfer but Ontario was also an option
[15-08-2009,19:42]
[***.93.21.105]
WENDY |
(in reply to: MORTGAGE FOR NEWCOMER)
Calgary is smaller and trying to catch up with its recent growth. No sales tax in Alberta! I think your dollars might go farther than Toronto. Calgary is a little more politically conservative than the GTA.
As for which weather might be preferable... I will let Bill and Roy duke this one out. They will be pleased to chime in.
Both locations are inland, which means you do not get the weather moderation you are used to from the ocean. I had a Scotish woman who worked for me a few years back that thought the Lower Mainland of BC offered a similar feel to home but with warmer, longer spring,summer and fall. Our technical winter (below 7C and above -2)runs about the end of October to the end of February. By then we are starved for sunshine and we have grown webbed feet... but we have maybe had to shove snow 2-3 days. You should find that sort of weather comforting! Standing tease to easterners is that we play golf on Boxing Day.
[15-08-2009,20:53]
[***.20.116.15]
Sharon |
(in reply to: MORTGAGE FOR NEWCOMER)
Thanks for that, sounds good to me. Will keep that in mind and keep doing our research before making a final decision
[16-08-2009,07:22]
[***.93.21.105]
WENDY |
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