Finally contact from bank

Finally last night we got a phone call from HSBC in Canada re our mortgage enquiry.

We explained that we are visiting later this week for a couple of weeks and would be looking at the possibility of purchasing a property whilst there.

Basically she said that if we could put down 35% deposit and the mortgage does not exceed $200k, then it should not be a problem.

She took the following details: names, address, time at property, current mortgage amount & payments, house value, occupations, employer details, salary and liabilities.

Hopefully she will phone us back within the next two days to let us know how much they would allow us to borrow and give us a pre-approved mortgage.

She suggested that if we find a property to buy that we state in the contract that it is subject to finance and house inspection. Apparently the bank then has to approve the house is worth what you are paying for it (or rather the mortgage value), just like in the UK.

Just got to wait for her call now. Will keep you posted.

Flying out to Toronto on Friday – can’t wait!