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Mortgages for Foreign Property - CANADA (Investment)
Lion_Heart
Posts: 1 Newbie
Hi all!
I'm completely new here so please be gentle :j
Ok, I've recently returned from Canada and noticed that the property price there are very good, especially taking into account the exchange rates.
It seems there's a lot of good buy to rent opportunities and rents can cover the mortgage repayments, just like the UK used to do a few years back. And many properties (duplex, triplex etc) are on managed housing estates so easier to manage remotely.
Anyways, I'm SERIOUSLY interested in taking on property there. The stumbling block is International Mortgages.
Having a brief look via Google it seems that non-Canadian residents can get mortgages there for up to two properties as non-Nationals, but you need to be employed there etc - but this is for domestic (i.e. the house you will live in).
They seem to have another category for Investment Mortgages, and these have a different criteria. But I have no idea how they work.
Further investigation tells me it is possible to get International Mortgages from within the UK for buying International Property as investment. But again I need help here!!!
Now, I'm certain that many people here must have sourced mortgages for buying property abroad. Did you use local or UK mortgages? Anyone done so in Canada? Help!
Also worth noting is a complication I have which is that I am self employed and we run several companies. We withdraw as little as possible from the companies for tax purposes, and rather reinvest in or between the companies. But the on paper personal takehome is as low as we can make it. So, for our own home we are self certified.
We have no problem making the repayments on the investment, and we can provide the mortgages provider with letters from our accountants confirming that we are able to repay the amounts in question etc. But PERSONAL income is (purposefully) very low on paper.
Would opening a property investment Limited Company help or hinder this?
HELP HELP HELP PLEASE!!!
Thank you!
Lion Heart :cool:
I'm completely new here so please be gentle :j
Ok, I've recently returned from Canada and noticed that the property price there are very good, especially taking into account the exchange rates.
It seems there's a lot of good buy to rent opportunities and rents can cover the mortgage repayments, just like the UK used to do a few years back. And many properties (duplex, triplex etc) are on managed housing estates so easier to manage remotely.
Anyways, I'm SERIOUSLY interested in taking on property there. The stumbling block is International Mortgages.
Having a brief look via Google it seems that non-Canadian residents can get mortgages there for up to two properties as non-Nationals, but you need to be employed there etc - but this is for domestic (i.e. the house you will live in).
They seem to have another category for Investment Mortgages, and these have a different criteria. But I have no idea how they work.
Further investigation tells me it is possible to get International Mortgages from within the UK for buying International Property as investment. But again I need help here!!!
Now, I'm certain that many people here must have sourced mortgages for buying property abroad. Did you use local or UK mortgages? Anyone done so in Canada? Help!
Also worth noting is a complication I have which is that I am self employed and we run several companies. We withdraw as little as possible from the companies for tax purposes, and rather reinvest in or between the companies. But the on paper personal takehome is as low as we can make it. So, for our own home we are self certified.
We have no problem making the repayments on the investment, and we can provide the mortgages provider with letters from our accountants confirming that we are able to repay the amounts in question etc. But PERSONAL income is (purposefully) very low on paper.
Would opening a property investment Limited Company help or hinder this?
HELP HELP HELP PLEASE!!!
Thank you!
Lion Heart :cool:
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