Hello Julian, in Canada your minimum down payment amount is 5% ( 12,500 down payment in your case). That being said you can get some or all of that down payment from the lender themselves, called a cash back. The only money you need in that case is the closing costs involved in the purchase about 1.5% of the purchase price. The money from the lender for the down payment comes at a cost of course. The cash back programs have an interest rate which is higher than the average mortgage rate, as a result and you will end up paying back whatever you got from the lender and then some. If you have any questions or any reader would like to get info on rates and possible lenders with the cash back programs please do not hesitate to give me a call. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

To buy a 250,000 home, you need a minimum down payment of 12,500 plus closing costs. You would need a proof of employment for 70,000 annual salary and a credit score of 650. With those specs you will have no problems getting a mortgage.

ON Canada - your offer should be subject to financing approval and inspection approval. You should be able to get back your deposit especially if the inspection showed that it is a structural problem. You can also ask the seller to remedy the problem prior. It would be better to talk to your real estate agent and advise them you want to pull out due to the results of the home inspection. This assumes that everything was done within the allocated time frame as per the purchase and sale agreement.

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I have just sold my flat for a lot less than i really would have liked to but am worried that my partner and i won't be able to get a mortgage. my partner doesn't own a property and would therefore be a first time buyer. between us we earn about £75000 a year. i have quite a bit of debt due to bad decisions in the past...don't ask!...my partner has debt but not much. we are looking at houses in the £250000 - £270000 price range and will probably have a £20,000 deposit. we have no ccj's/defaults or anything like that. do you think we will get a mortgage to buy the house we want?

Most mortgages are still asking for at least a 25% deposit, so you would need £60 - £70k to get the price range you are looking at. Even if you can find a deal asking for only 10% you would still need £25k or more. There are a number of other things that might deplete the amount of spare cash you have for the deposit. Legal fees, removals, Stamp Duty Land Tax etc. Assuming that you have a sufficient deposit, can you actually get the mortgage you need? Most lenders have reverted the traditional income multipliers. They will vary, but will be something like 3x the main income plus 1x the second income. It is unlikely that you will be able to borrow 3x the combined income. Assuming your incomes are split £50k / £25k you could probably borrow up to about £175k. If you can get a much bigger deposit this might just about be enough to get the house you want. But, your income will be reduced to take account of your debts. They are likely to deduct your repayments from your income, before they apply the multiplier. The debt may also affect your credit score. If it does they may refuse to lend at all, or lend less, and/or apply a higher interest rate. Overall I think that you will certainly not be able to get a mortgage for that amount with only a £20k deposit. Even if you had a much bigger deposit I suspect that you may still struggle.