As independent mortgage brokers, we have access to a wide range of overseas lenders, many of which have specialist schemes and special deals.
We can provide guidance on the legal and technical aspects of property purchases in Calgary; review and discuss all of the financial options available to you to ensure that you are fully informed when making such a financial commitment.
How much can I borrow?
There are considerable differences between lending abroad and raising finance in Canada. Whilst the Canadian system applies income multiples (i.e. 3 x your gross income) the North-American view is based on your ability to repay the loan. Most Canadian banks lend on the basis that your total monthly repayments (capital and interest) should not exceed 40% of your net monthly disposable income.Many clients find that they cannot match up to the strict Spanish lending criteria. Due to our flexibility, we are often able to help our clients with this issue and if you need any assistance please do not hesitate to contact us.
Generally, we can arrange a mortgage up to a maximum of 80% of the value or purchase price of the property.
How much will it cost?
As a general guide, the cost associated with a purchase of a previously occupied property equates to approximately 10% of its value. The cost associated with New Build property is approximately 12.5%.
Our systems can calculate the cost more accurately by using information on the property value and mortgage required. Please feel free to Contact Us for further details.
How long will it take?
Each individual case is different. However, as a general guide, the time from mortgage application to the funds arriving at you typically range from six to eight weeks although it is sensible to allow for ten weeks to ensure a smooth process.
Obtaining a mortgage quotation, subject to the lender’s approval, that you know is affordable BEFORE looking at properties will save you time, money and frustration. This will help to eliminate costly delays, the potential for losing your property, your cash deposit and gazumping.
What documents do I need for a mortgage application?
As a basic guideline the following documents are needed in order to verify your income:
- A copy of your last P60
Copies of your last 3 payslips
A copy of your Inland Revenue Tax Calculation (if you have one)
copy of your passports
This is not an exhaustive list and additional documents may be required. For more detailed advice please Contact Us.