Vacation property mortgages
Make your dream of owning a vacation property or cottage a reality.
Your plans to purchase that special getaway may be closer than you think. Our lending specialists can work with you to create a personalized solution that fits your goals, and they’ll help you understand your options, give you advice, and guide you through every step of the process.
Benefits of our vacation property mortgage
Enjoy flexible mortgage solutions
Your mortgage, your terms
Save on interest costs
Choose between a Conventional and High-Ratio Mortgage
Choose the mortgage solution that’s best for you
Fixed Rate
Offers a guaranteed rate of interest and set payment amounts for a specified period of time.
- Take comfort in knowing exactly how much equity you’ll build by the end of your term
- Available in 1- to 5-year terms for up to 30 years’ amortization
- Guaranteed rate of interest and set payment amounts throughout the term length
Variable Rate Open
Offers the most flexible repayment options. The amount paid toward principal and interest fluctuates as rates change.
- Make lump sum payments greater than the 20% prepayment allowance at any time without penalty
- Interest floats as per our currently posted rates
Variable Rate Closed
Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.
- Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
Variable Rate Capped
Offers the flexibility of a variable mortgage, but capped at 1% above the current Variable Rate Closed Mortgage at the time of signing.
- An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
High-Ratio vs Conventional Mortgages
SCU offers mortgage options to fit where you are on your homebuying journey. A High-Ratio Mortgage is available with as little as a 5% down payment and requires mortgage default insurance. It’s a great fit for buyers looking to get into a home with a smaller upfront investment, while also benefiting from a reduced rate.
A Conventional Mortgage is available for buyers who are contributing 20% or more down payment towards their home purchase. This option does not require mortgage default insurance and is available at standard rates.
Get pre-approved
Your pre-approval meeting is a great opportunity to ask us questions and explore your options. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.
Learn more about the preapproval processMortgage rates
| High-Ratio Fixed 1-year Mortgage | 4.99% |
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| High-Ratio Fixed 2-year Mortgage | 4.59% |
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| High-Ratio Fixed 3-year Mortgage | 4.09% |
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| High-Ratio Fixed 4-year Mortgage | 3.99% |
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| High-Ratio Fixed 5-year Mortgage | 3.99% |
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| High-Ratio Closed Variable Mortgage | 4.05% |
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| Conventional Fixed 1-year Mortgage | 5.09% |
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| Conventional Fixed 2-year Mortgage | 4.69% |
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| Conventional Fixed 3-year Mortgage | 4.19% |
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| Conventional Fixed 4-year Mortgage | 4.09% |
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| Conventional Fixed 5-year Mortgage | 4.09% |
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| Conventional Closed Variable Mortgage | 4.05% |
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| Conventional Open Variable Mortgage | 4.95% |
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| Variable Capped Mortgage | Rates Vary |
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