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20080714

MCAP’s Secondary Home Mortgage

Financing up to 95% loan-to-value can be obtained for the purchase of a secondary residence that will be occupied at some point during the year in addition to a current primary residence. The secondary residence must be occupied by the purchaser or relative of the purchaser on a rent-free basis and also be designed for year-round occupancy.

Some examples of features suitable properties typically have include:
• A permanent heat source
• Acceptable year-round water source
• A permanent primary source of electricity, please note that
generators are considered a supplementary source of electricity
• Insulated for year-round occupancy
• Indoor kitchen and bathroom facilities
• Accessible year-round by a vehicle that is licensed for use on
municipal, provincial and territorial roadways, or, if the property
is located on an island it must have year-round bridge or ferry
access (water-taxi not acceptable)

***Vacation properties are eligible as long as they meet all the property requirements above.

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