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Better together - share a mortgage with your family and friends


The Family + Friends Mortgage makes it easier for you to afford a home by allowing up to four people to get a mortgage together.

It’s a great option if you have family who want to help you buy a home, if you’re a multi-generational family living together, or if you’re not part of a conventional two-income family. Not everyone sharing the mortgage has to move in, but one owner needs to live there - you can’t use it as a rental property. Available for all Meridian mortgages.

Get a family + friends mortgage
family gathering

What do you need to know about joint ownership


Balance

Shared liability

All co-owners are equally and 100% liable for the mortgage if someone cannot pay or wants to sell. This applies even if you each hold different shares of the home’s equity.

Signed Agreement

Legal joint ownership agreement

Getting legal advice and setting up a formal agreement is a great way to smooth over any future conflicts - like what happens if someone wants to sell or move out. Legal advice is not required as part of the application process, but we highly recommend it.

House and document

House rules

Home ownership can come with as many challenges as rewards, especially if you’re all living together. Even if you don’t set up a legal agreement, it’s important to agree on how you’ll make decisions about your home - like how you’re going to share the costs of property taxes, utility bills, insurance, and repairs.


Meridian mortgage perks


Be mortgage-free sooner


We call it 20/20 prepayment. Pay off up to 20% more of your mortgage each year through a combination of prepaying more of your original principal balance and increasing your original mortgage payment.


Skip a payment


Life happens. Breathe easier knowing that you can skip one month’s mortgage payment once every 12 months with no penalty.
 


Flexible schedules


Choose from weekly, bi-weekly, monthly, bi-monthly, or accelerated weekly or bi-weekly payment plans - whatever works for you.


Mortgage protection


Take advantage of CUMIS Group Mortgage Protection (GMP) - a monthly premium that helps safeguard your home in case of financial hardships as a result of conditions such as death, disability or critical illness.


What kind of mortgage do you want?


Fixed rate
mortgage

Lock in a great rate and enjoy interest and payments that stay the same even if the market shifts.

Variable rate
mortgage

With a rate that goes up or down depending on the market, you could save on interest.

High ratio
mortgage

Buy with less than 20% down to get into the market faster. Great for first-time buyers.

Construction
mortgage

Build from scratch or improve a fixer-upper with options designed for construction and renovation.

How to get a Family + Friends Mortgage

Come talk to us about applying for a mortgage with family or friends. Feeling good about your mortgage can start with a conversation. Get in touch or arrange for one of our Mortgage Specialists to come to you. It’s easy.