Financial relief for your mortgage

Update on COVID-19 support :

Payment deferral requests for mortgages are no longer available

Mortgage Terms
and Conditions

If you have submitted a deferral request on or before September 30, 2020, here are the Mortgage Payment Deferral Request Terms and Conditions for your reference. 

How mortgage payment deferrals work

Note: Payment deferral requests for mortgages are no longer available.

Mortgage payment deferrals

Mortgage payment deferrals were available for customers experiencing hardship. If you obtained a  mortgage payment deferral by September 30, 2020, this 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. If you’re unsure if you have Scotia Mortgage Protection, please sign into Scotia OnLine or call 1-855-753-4272 Monday – Friday 8 am – 8 pm EST to find details of your insurance coverage. 

Property taxes

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.

Mortgage payment deferral FAQs 

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