Scotia has brought back its open variable mortgage. It is priced at prime + 1%, matching the rates of RBC and TD.
Scotia’s open variable is available through mortgage planners starting today. (We’re not aware of if/when it will be available through branches. As of 11:00am ET, it was not yet added to Scotia’s retail website.)
The news will be welcomed by mortgage planners who have been patiently, or not so patiently, waiting for a competitively priced open product (that’s not a HELOC).
It’s been slim pickins with opens since last fall when open variables got too pricey for some lenders to offer.
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