Struggling mortgage holders could see lenders waive fees under new guidelines

The Financial Consumer Agency of Canada (FCAC) has published new guidelines to help Canadian mortgage holders, who have seen their monthly payments soar due to the Bank of Canada's 4.5 percentage point increase in interest rates since March 2022. The guidelines focus on those at risk of defaulting due to higher payments and rising cost of living, and set expectations for federally regulated lenders, such as waiving prepayment penalties and internal fees, not charging interest on interest, and stretching out the amortization period of the mortgage for the shortest period possible. The guidelines are part of the Liberal government's 2023 budget promise to establish a code

Get Today's Best Rate!

    This will close in 0 seconds