Requesting financial relief for your mortgage
Submit a mortgage payment deferral request for 6 months.
Eligibility for Mortgage Payment Deferrals
You're eligible for a mortgage payment deferral if:
- You, or any member of your family, has become unemployed or experiences a material reduction in income due to COVID-19.
- You have an insured or uninsured mortgage with Scotiabank.
Also note that:
- Default insured mortgages that are overdue for 90 days or more and uninsured mortgages that are overdue for 120 days or more are not eligible for mortgage payment deferrals.
- Both your principal residence and up to 3 non-principal residence(s) may be eligible for mortgage payment deferrals.
- No credit application is required, but please make sure all co-borrowers are present when you contact us.
For the full details, here are the Mortgage Payment Deferral Request Terms and Conditions.
How mortgage payment deferrals work
Mortgage payment deferrals
Mortgage payment deferrals are available for customers experiencing hardship. A mortgage payment deferral means that you will not be required to make regular payments on your mortgage (principal, interest, and property taxes, if applicable) for 6 months.
During the time you defer your mortgage payments, interest will continue to accrue and will be added to your mortgage account balance at the end of the deferral period. This means your payments will be slightly higher after the deferral period ends. You will pay more in interest over the life of your mortgage, but a deferral will also help with short-term cash flow.
Please note that if you have Scotia Mortgage Protection insurance on your mortgage, premium payments will still be collected during the deferral period in order to maintain your coverage. The option to defer your insurance premium payments may be available to you if you are experiencing financial hardship—you can call 1-855-753-4272 Monday – Friday 8am-8pm ET if you would like to discuss this option. If you’re unsure if you have Scotia Mortgage Protection, please sign into Scotia OnLine to find details of your insurance coverage.
If your mortgage payment includes an amount for property tax that Scotiabank pays on your behalf, we will continue to make the property tax payment during the deferral period.
If there isn't enough money in your property tax account to cover the amount of that tax payment, we will charge interest on the amount of that shortfall at your mortgage interest rate. The property tax portion of your monthly mortgage payment will be increased as part of the next tax payment adjustment process after the end of the deferral period so that the shortfall can be repaid.
If you’re currently paying your property taxes directly to your municipality, you will need to continue your payments with them during the deferral period as they become due.
How does the mortgage payment deferral process work?
First, complete your application by September 30, 2020.
For the application, you’ll need the following information:
- Mortgage number
- Last mortgage payment amount
- Property address
Second, we’ll process your application.
Once we receive your application, we’ll notify you by email. If you're eligible, we’ll email you again within 5 to 7 business days, and your deferral period will start with the payment due in 2 or more business days after your submission.
Lastly, we’ll update your payments.
At the end of the deferral period, we’ll send you a notice with your new mortgage payment and updated cost of borrowing.
You can contact us if you want to cancel your deferral before your mortgage payment deferral period ends, with a minimum of two weeks’ notice.