A deferral must be agreed with the lender
FCAC describes mortgage deferrals as temporary relief that delays payments. Deferred amounts remain repayable and interest continues to accrue. The later balance or repayment schedule can change. Ask your lender about options before default; do not stop payments on the assumption that requesting relief has approved it.
Ask for a before-and-after illustration
Use the same dates in both versions. Request the current schedule and the proposed schedule, showing the next payment, the restart payment, the balance at renewal and the estimated total interest. If a figure is an estimate, ask what assumptions could change it.
A smaller payment is useful only if you understand what moved elsewhere. Keep the comparison with the written offer so you can check that the final agreement matches what was discussed.
| During the break | After the break |
|---|---|
| What must I still pay? | What is the first payment and date? |
| How is interest handled? | What balance will I owe? |
| Are taxes or insurance separate? | Does the repayment length change? |
| What fees apply? | What is the estimated added cost? |
Test the month when payments restart
Hypothetical cash-flow example: your regular payment is $1,900 and you have a two-month income gap. A temporary break could change immediate cash flow, but it does not explain how you will fund the restart payment. Write down the income expected then, mark what is confirmed, and subtract the rest of the household bills.
This example deliberately does not estimate mortgage interest: the result depends on the lender’s terms. If the restart budget is still negative, raise that now rather than waiting until the break ends.
Keep the mortgage separate from unsecured debt options
Property taxes or optional insurance may still need payment during a deferral; confirm the arrangement. If cards and unsecured loans are part of the pressure, review them alongside the mortgage without assuming one program covers everything. FCAC notes that debt management plans usually do not cover secured borrowing such as mortgages.
Prepare for a conversation
- Current mortgage payment and next due date
- Written deferral terms and restart date
- Taxes and insurance still payable
- A household budget for the restart month
You do not need account numbers, a SIN, banking credentials or uploaded documents to start our enquiry.
Can DebtHelpers approve a mortgage deferral?
No. Your mortgage lender handles that decision. Contact it directly, especially if a payment or enforcement deadline is approaching. An enquiry here does not pause mortgage obligations.