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Mortgages for Property Purchase in Canada

Raising finance can be the first, crucial step to realising your dream of owning an apartment or chalet in a Canadian ski resort. So it's important to get professional advice early on in the buying process. Here at Nidski we can help you find your dream alpine property.

Eligibility and Criteria:

Canada welcomes homebuyers from all countries and there are no restrictions on the amount or kind of real estate you can buy. Lenders determine how much you can borrow by taking into account your financial situation and the value of your chosen ski property. Lenders will require you to verify your income and credit worthiness to prove that you can pay the mortgage via pay slips and bank statements. Your existing liabilities, including your UK mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Canadian mortgage payments. All this must not exceed approx. 35% of your monthly gross income.

Loan to Value Ratio:

A standard mortgage can be for up to 80% of the value of a home. Higher LTV ratios are possible, though less than a 20% deposit requires you to buy loan insurance. In many cases, non-residents are required to have a minimum deposit of 35%.

Types of Rates and Terms:

A typical term for a Canadian mortgage is 25 years up to the age of 70 with three criteria relating to rates which you must decide on:

  • Fixed, Variable Rate or Hybrid – an interest rate that is constant or one that changes over the course of your term.
  • Conventional v High Ratio Rate – if your down payment is 20% or less, a High Ratio Rate mortgage will be necessary as it requires you to be insured against payment default
  • Open v Closed Mortgage - An open mortgage allows you to pay any amount toward your mortgage at any time, without having to pay any prepayment compensation though with a slightly higher interest rate. A closed mortgage requires you to make set payments at set times and pay prepayment compensation if you want to pay more, renegotiate, refinance or transfer your mortgage before the end of your term, though the interest rates are comparatively lower.

Minimum Loan Available:

Many banks are unwilling to lend under a minimum amount. This varies amongst lenders, but is generally $20 000.

Click on the following links for further information on purchasing a ski property in Canada. 

Fill in our form below for more information from lenders and brokers offering mortgages for property purchase in the Canadian mountains.

 

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