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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

Choose between variable and fixed mortgage rates, depending on your financial needs.

Your mortgage, your terms

We require as little as a 5% down payment, with up to 30 years to repay your mortgage.

Save on interest costs

You have the ability to pay your mortgage off early with our prepayment privileges, which allow you to pay an additional 20% of your original mortgage amount each year.

Choose between an insured and uninsured mortgage

An insured mortgage allows you to make a smaller down payment, or you may be able to save on insurance costs with a larger down payment.

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 posted rate for a 5-year term.

  • 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
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Get preapproved

Your preapproval 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 process

Mortgage rates

Interest Rate
Fixed 1-year Mortgage 6.00%
Fixed 2-year Mortgage 5.80%
Fixed 3-year Mortgage 5.40%
Fixed 4-year Mortgage 5.30%
Fixed 5-year Mortgage 5.10%
Closed Variable Mortgage 6.30%
Open Variable Mortgage 7.20%
Variable Capped Mortgage Rates Vary
Rates last updated April 18, 2024. Rates subject to change without notice. Applicable to fixed and variable mortgages, the annual percentage rate (APR) is equivalent to the annual interest rate (AIR), and assumes that no fee(s) apply. If fee(s) are required as part of the application processing, any fee(s) would increase your APR.

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Tips & tools

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The home buyer’s journey

What exactly can you expect from the home buying process? Here’s a step-by-step guide to receiving your financing at SCU.
Read our home buyer’s guide
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Crunch the numbers

Use our mortgage calculators to help you plan how much you can afford to spend on a home, your monthly payment schedule, and how much you’ll need for your down payment.
Explore our mortgage calculators
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Switching your mortgage to SCU?

Discover the benefits of an SCU mortgage, considerations for moving your mortgage, and documentation we’ll need from you.
Learn more about moving your mortgage

Insights & Advice


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