Alternate Options to a Traditional Mortgage

Most people will not think outside of the box!  This means that when it comes to mortgages they will visit their mortgage broker and accept what they are told.  On the back of this they will view houses within a set budget and, hopefully, locate a property that they love and can afford.

It is only when you cannot obtain a traditional mortgage or you are told that you cannot afford a specific house that you may start to look at what other options are available to you.  Fortunately, there are several and they can often be based on affordability.  This will allow you to purchase a more expensive property than you may have first envisioned.

Private Mortgage

If you have visited a good local broker, such as OE Mortgage who is based in Toronto, then you will be able to ask them about a private mortgage as soon as you find you do not qualify for a traditional one.  

Mortgage brokers are usually very switched on in their area and will know which private mortgage lenders operate in your region and which may be able to assist you.

A private mortgage lender works in the same way as a traditional one; expect that the terms of lending are more flexible and the interest rate is generally higher.  It is a good way to get started though!


If you are lucky enough to have wealthy family relatives you may be able to speak to them about lending you the necessary funds.  This will be exceptionally similar to the private mortgage principle although a family member may lend simply because it is you!

If your relatives are not that wealthy, they may still be able to assist by either guaranteeing the mortgage or by providing you enough funds to increase your deposit and get the deal you need.


If the property you are intending to purchase is a second home or part of a buy to let scheme then you may be able to locate additional funds through the equity already existing in your home.  This could be enough to secure a small deposit or even pay for your second property.

Of course, this approach does place your original home at risk if you fail to pay the necessary payments but sometimes this is the only way to push forward.


Another option which is often overlooked is crowdfunding.  Most people consider this an option when trying to raise funds for a specific project; generally business related.  However, people will crowdfund when someone is in particular need and even to generate a return in the long term.  The secret is to offer potential crowdfunders something that they will struggle to say no to.  You may be able to raise the whole capital for your property in no time at all!

Whichever method you choose to adopt it is essential to remember that there is always ways to find the funds you need to make a dream come true.  After all, if you don’t ask you will never get.  IT has to be worth a try!


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Carmen Brewster

Carmen Brewster

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