Mortgages for Buying Property in Canada
There are over 275,000 people from the UK already overseas property owners and
this figure is set to climb a lot higher in the coming years according to the
Office of National Statistics. Therefore, it is imperative to make the right
choice when considering how to finance your overseas property purchase.
In addition to absorbing the information set out in our Canada Buyers Guide it is most
important to study the mortgage facilities available to you as an overseas
buyer.
Mortgages for Canadian Property
Typical Rate: 7%
Loan purpose: Residential, Investment, Re-mortgage.
Min Loan: $50,000 CND
Max Loan: 65%-Rural areas. 70%-Urban areas.
Term: 25 Years Available
Max Age: n/a
Repay method: Capital and Interest
Currency: Canadian Dollars
Additonal Info: Total Debt Service looks at Gross Annual Income needed to service all debts. Total Debt Service payments not to exceed 37-40% Gross annual income.
Our Niches
We are able to assist you with mortgages from over 30 Countries. We are
particularly proud to be among the first to offer mortgages in Eastern Europe
including Hungary, Czech Republic, Slovakia and Bulgaria with others being added
regularly.
Where do you start?
Pleasecomplete your details at the bottom of this page and one of our specialist
advisers will contact you to discuss your requirements.
Approval in Principle
For all countries we are able to offer an approval in principle service. We will
ask you to complete our confidential information form. This provides us with
sufficient information about your finances to advise you of the likely hood of
obtaining finance. In some cases we can obtain a formal approval in principle
directly from the lender which is particularly comforting for new build
purchases where you need to commit to a purchase way in advance of applying for
the mortgage.
Decision in Principal Application
What happens next?
If you wish to proceed, we will send you a full application pack. Any required
application forms will be pre-populated with the information you have already
supplied. We will supply you with a specific document requirements checklist and
additional information and tips about your purchase.
During the purchase
Once you have returned you application to us, as well as processing the
application, we will provide you with guidance on the whole process. We will
monitor your application with the lender closely and provide you with regular
updates and explanation of any terms when the offer is produced. We will liaise
with your other chosen professionals to help with your understanding of the
complexities of your purchase such as buying through a company, residency
permits, taxation issues, life cover assignment etc.
Additional Services
As with the UK, you will be required to insure the property. Many Overseas
lenders also insist on Life Cover. In some cases an existing plan may be used if
it meets the minimum requirements. It is important this issue is not left too
late, as you may be unable to complete on your purchase until cover is in place,
which can sometimes be delayed by requirements for medical information. Our
recommended independent advisers can provide specific advice.
Our Fees
£395 on mortgage application and 0.5% of the mortgage (minimum £500) on
sucessful completion.
Overseas Mortgage Providers
We feature a select few when it comes to reccommending mortgage facilitaors from
the UK. This can be an easier way to arrange your finance or mortgage
requirements before you begin your search. Listed below are some of the
advantages to using some of the companies we reccommend.
- More than 200 residential overseas/foreign mortgage products available in over
30 countries worldwide including Bulgaria and Turkey
- Over 10 years of trading and 20+ staff experienced in conducting business with
overseas and foreign lenders
- Fully independent with more overseas/foreign lenders and more choice
- Competitive and exclusive overseas/foreign mortgage terms
- In some countries, no final arrangement fee charged by us for organising the
overseas/foreign mortgage
- At no cost, can internally pre-qualify your application financially, thereby
saving any wasted inspection flights
- Can save you time and costs (ie: phone, fax and postage) in both exploring and
finding a possible lender
- In-house processing and dedicated underwriting team for each country ? who are
fully aware of what documentation the lender requires, their lending criteria
and how to present the application, which ensures a faster mortgage offer
- The use of our extensive database of other relevant professionals such as
lawyers, surveyors, currency exchange and offshore company formation experts
Mortgage Quotes
Click the below link to receive a quotation on mortgage facilities from over
8,500 UK providers or a select number of overseas banks and mortgage
facilitators.
Decision in Principal Application
Contact us for specific details
Property Locations in Canada
Property Types for sale in Canada