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.
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.
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%.
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:
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.