The whole amount would be subject to the new stress test unfortunately. If in that scenario, one was not able to qualify by doing the "port and increase", you could look at doing something like setting up a brand new mortgage and increasing the amortization to get ratios in line. There are other factors to consider of course (ie. penalty to break existing mortgage).
Last edited by MillerTime GFG; 01-03-2018 at 03:16 PM.
|