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Self-builder Mortgage

What is it?

If you’re the build-it-yourself type and want to build your home, our Self-builder Mortgage was specifically built for you! This flexible option gives you the opportunity to finance the construction of your own home at various stages of the build process.


Who is this for?

This mortgage option is best if you already own land and are interested in building or project managing your own home construction. Since this mortgage option requires a minimum of 35% down, it’s essential that you’ve got enough saved (or have built enough equity in your current home to use as a down payment on your new home).

Speak to our advisors and lock your guaranteed rate in today for 120 days - no commitments required!

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Why choose a Self-builder Mortgage?

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Flexible financing

Self-builder Mortgages are designed specifically for you to build your own home. During the construction period, you can choose between our floating rate at prime + 3.00% or a fixed, closed rate with a minimum term of three years.

Cost efficiency

Building your own home is often more cost-effective than buying an existing property or working with an established builder. With a Self-builder Mortgage, you can control costs and make choices that fit your budget during the construction phase.

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Funds when you need them

Funds are released in stages during the construction process. This ensures you’ll have access to funds whenever you need them during the construction process.

What you need to know

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You’ll need a plan. To qualify for this type of mortgage, you require a copy of the build plans and specifications, as well as confirmation that you hold title to the land on which the house will be constructed.

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You’ll need the funds. The Self-builder Mortgage requires a minimum of 35% down (based on the expected appraised value of the completed build).

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You’ll have a timeline. Construction must begin within 45 days (and be completed within nine months) of the first distribution date. A request for an additional 90-day extension (to a maximum of 15 months) is available upon approval.

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Eligible properties: This mortgage option is only available for own and non-owner occupied, single-family detached, and semi-detached homes. You cannot get this option for condominiums.

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Paying back the money. While building, you’ll have to pay back the loan interest regularly. Once construction is complete, you’ll move to a traditional mortgage and decide between fixed or variable, open or closed, and what your payment schedule will be.

Lock in your future mortgage rate while you build your home!

Payment process. Getting the money for your home improvements works differently based on the mortgage product you pick. You may get the money all at once or in a few installments, depending on mortgage type. The recommended time to finish your improvements also varies by mortgage type.

This rate guarantee is available on our Flex Feature Mortgage.

Is this right for you?

✔ Right for you if you: 

  • Have funds available. Since the Self-builder Mortgage requires a greater investment up front (minimum of 35% down), having the necessary funds available is essential.

  • Currently own land. This mortgage option is ideal for those who already own land and know exactly where they plan to build their dream home.

  • Are ready to build your own home. Designed specifically for those with a passion for construction and a desire to actively manage the building process. A Self-builder Mortgage allows you to oversee the construction and make decisions at each stage of the process.

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May not be right for you if you:

  • Don’t have the cash flow. Compared to other mortgage options, the Self-builder Mortgage requires a greater investment up front (35% minimum).

  • Don’t own land. Since proof of land title is one of the requirements of qualifying for a Self-builder Mortgage, those who don’t own land are ineligible.

  • Can’t meet the timelines. With a nine-month timeline for completion of construction, this mortgage option isn’t ideal for the slow and steady types.

Some terms and conditions apply. Book an appointment with your Financial advisor or a Mobile Mortgage Specialist to learn more.

Meet our Mobile Mortgage Specialists

As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.

Meet the team

Have questions? That’s what we’re here for!

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Give us a call

Have questions about which mortgage option is most suitable for you?

Call 1-800-667-7477
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Want to learn more about mortgages? Book an appointment with one of our advisors.

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