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THE FAMILY + FRIENDS MORTGAGE FROM MERIDIAN


As the housing market gets pricier, many Canadians wonder how they’ll ever be able to afford a home – particularly if they’re not in a conventional two-income family.

That’s why Meridian created the Family + Friends Mortgage – a practical way for modern families and friends to join forces and pool their financial resources to afford a larger shared home. In fact, with this mortgage solution, we’ve made it easier than ever for up to four people to obtain a mortgage and take advantage of Meridian’s always low rates.

Before you dive in to making your purchase or choosing a mortgage, we invite you review these helpful suggestions, creative tips and food for thought on the smartest ways to share your investment, avoid pitfalls and make the most of living together.

 

QUICK FACTS ABOUT THE FAMILY + FRIENDS MORTGAGE

Ideal for friends, couples, a parent and child, as well as multi-generational families who may not qualify for a conventional mortgage on their own.

Can be applied to any of Meridian’s mortgages.

Offers a flexible repayment schedule, generous 20/20 prepayment privileges, a skip-a-payment feature and a 90-day rate guarantee..


TIPS TO CONSIDER A JOINT OWNERSHIP AGREEMENT


Whether you’re buying a home with family members or a longtime friend, it will likely be the most important investment you’ll ever make together.

While Meridian doesn’t require that you enter into a legal joint ownership agreement to obtain a Family + Friends Mortgage – for example, you may choose to prepare your own private agreement – we strongly recommended that you get legal advice.

Even if you and your potential co-owners have discussed this opportunity in depth, owning a home together comes with unforeseen challenges and pitfalls. A joint ownership agreement can outline responsibilities, ensure all co-owners have a clear understanding of what’s involved, and avoid disputes in the future.

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DID YOU KNOW?


Even with an agreement and even if co-owners each hold different shares of equity in the home, all borrowers are equally and 100% liable for the mortgage in the case one party cannot pay or moves out.

Your lawyer may be the ideal professional to call upon in the future if problems arise between you and other co-owners and you need someone to mediate or enforce your agreement.

You will need to open a joint Meridian account comprising all Members on the mortgage title from which your mortgage payments will be drawn.


SHOULD YOU CONSULT A LAWYER?


Although a lawyer isn’t required for Meridian to approve your Family + Friends Mortgage, you and your potential co-owners may want to consult a legal professional to have them point out and guide you through any legal issues that may arise – particularly when it comes to drafting a joint ownership agreement.

You will, after all, need to visit with a lawyer anyway when you purchase your co-owned property and finalize any mortgage documents prior to closing.


YOUR MORTGAGE. YOUR WAY.

Whether you’re in the market for a new mortgage or looking to renew, switch or refinance your existing mortgage, Meridian makes it simple and convenient. You can now apply completely online or have one of our Mobile Mortgage Specialists come to you on your schedule at a location that works for you. No more rushing to fit your time into branch hours. Get started today using one of the options below:

Would you rather we call you? Just fill out the form below and a Mobile Mortgage Specialist will contact you.