In order to qualify for a mortgage loan with an amortization period
of up to 30 years for a first-time buyer of a new build, the
requirements below apply:
- At least one borrower below is a first-time homebuyer in
that:
- The borrower has never purchased a home before;
or
- In the last 4 years, the borrower has not occupied a
home as a principal place of residence that either they
themselves or their current spouse or common-law partner owned;
or
- The borrower has recently experienced the breakdown of
a marriage or common-law partnership.
- The
property being purchased is a newly constructed home, has never,
been previously occupied for residential purposes and will be
owner-occupied.
If the above declarations prove to be incorrect, the Bank may cancel
the financing or, as the case may be, consider that a default has
occurred under the mortgage loan agreement and avail itself of its
rights and remedies under the mortgage.