Skip to main content

Friends and family mortgage

Friends and family mortgage

Better together - share a mortgage with your family and friends

The Friends and Family 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.

parents and grandparents playing with granddaughter

What you need to know about joint ownership

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.

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 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.

What kind of mortgage do you want?

Construction mortgages

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

Variable rate mortgages

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

Fixed rate mortgages

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

High ratio mortgages

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

Questions? There are several ways to get in touch