Spousal Separation – Maximum Loan-to-Value (LTV) In situations where two parties are on title to a property in the process of a legal separation where one party will keep the existing property, the following guidelines will now apply:

Applications may be submitted as a purchase loan up to 95 per cent LTV The following criteria will apply: Both parties must be on title to the property prior to the legal separation

The following documents confirming

the sale price and transfer of title must be on file: Finalized separation agreement

Offer to purchase Since this purchase transaction is non-arms length,

a full internal appraisal is required.

The mortgage cannot be used to payout debt unless it is joint debt.

The mortgage cannot be used to provide funds for renovation.

The guidelines are specific so please consult with a mortgage broker to get the paperwork correct!