Homebuying

Multi-Ownership

Considering buying a home with friends or family? 

Applying for an Alterna Multi-Ownership Mortgage is as easy as applying for any Alterna home mortgage. Plus, you can take advantage of all the same mortgage product features and promotional offers.

Home ownership runs in the family

Don’t believe us? Introducing the Alterna Multi-Ownership Mortgage, a mortgage that allows families to come together and support one another so they can achieve their dream of owning a home. Rising housing costs have priced many homebuyers out of the market and made it increasingly difficult to obtain a mortgage. Our Multi-Ownership Mortgage makes it easier to pool your resources to help someone to buy a home or purchase one yourself. Plus, it requires only a 5% down payment, so your dream home may not be as far away as you think.

Benefits of a Multi-Ownership Mortgage

  • Afford to buy into the housing market
  • Pool your money with up to three other people
  • Fair and competitive rates
  • A flexible payment schedule
  • Higher potential savings with generous prepayment options
  • Expert mortgage advice to help you find the best fit

Learn more about Multi-Ownership Mortgages

Frequently asked questions

The home buying process is intimidating enough, so why go it alone? Our Multi-Ownership mortgage allows members to pool resources to meet the standard credit granting criteria. Our Multi-Ownership mortgage offers the all the features available on our mortgage products. The application process follows the same steps as our conventional mortgages.

The Multi-Ownership mortgage can be great for a wide variety of situations. It works well for parents who wish to help their adult child purchase a home or who wish to jointly purchase a home for an adult child pursuing a postsecondary education. It’s also a good option for someone who wants to help buy a home for their elderly parents, or for family members who wish to pool their money and live together within a single family home. Plus, it’s a great solution for roommates or young working professionals looking to get a foothold into the housing market.

Sometimes it’s easier to just provide a non-repayable cash gift to help someone purchase a home. For a transfer to be considered a cash gift, you must provide a letter addressed to the person outlining the total amount gifted and specifically state that the money is non-repayable. The mortgage applicant must then share this document with the banking advisor at Alterna Savings during their mortgage application.

While it’s only natural to want to help a friend or family member, it’s important to protect your own financial wellbeing.

Before you begin, here are a few things you should know:

  • Withdrawing money from your RRSP may place your retirement at risk and there are tax consequences.
  • As a co-borrower on the mortgage, you are equally liable for the debt. This also applies if you are a co-signors or guarantor.
  • If you leverage the equity in your home and find it difficult to repay the loan, you could risk losing your home.
  • Providing support financially, or as a co-signer or guarantor, can get complicated if the person you are helping ends up going through a divorce.
  • There are other home ownership costs in addition to the mortgage payment, such as property taxes and maintenance. You need to consider whether you will need to provide support for those costs as well.
  • This program does not include the purchase of non-owner-occupied investment properties.

Keep in mind that life can be unpredictable. It’s a good idea to take out mortgage insurance and life insurance to ensure that you are protected in case of an accident or critical illness.

A checklist to follow

  • Confirm who your co-borrower is going to be.
  • Select the best mortgage product for your needs.
  • Consult a lawyer.
  • Take a deep breath. You've got this. Plus, we're here to help every step of the way.

Our current mortgage rates

5-yr variable
closed - high ratio

interest rate

3-yr fixed
closed - high ratio

interest rate

5-yr variable
closed

interest rate

*rates subject to change

Get Started

Whether you’re getting your first mortgage, renewing, switching or refinancing, we’re here to help you every step of the way. Start with a conversation—find out how easy it can be. Contact one of our Mortgage Specialists today.

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†Payment Protection Legal Disclaimer:
Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.

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