Southwestern Ontario, Ontario
Mortgage Broker in London, Ontario
London still produces the cash flow numbers investors elsewhere in Ontario stopped seeing years ago, and it remains one of the few markets where a first purchase at 5% down is genuinely comfortable on a single professional income.
- First time buyers
- Single and dual income purchases that still work at 5% down with insured financing.
- Student rental investors
- Multi bedroom rentals near Western and Fanshawe underwritten on lease income.
- Out of town investors
- GTA based buyers acquiring London cash flow property remotely.
What we watch in the London market
Benchmark pricing sits at roughly $640K for a detached home and $400K for a townhouse, which sets the down payment and insurance rules your file has to work within. Beyond price, these are the local factors that decide the outcome:
- ◆Student rentals near Western and Fanshawe are financed differently from standard rentals, with per room leases scrutinised closely.
- ◆Cash flow positive rentals are achievable here, which some lenders reward with better debt service treatment.
- ◆Entry level detached pricing keeps insured financing available on most purchases, unlike the GTA.
The cash you need to close in London
Worked on a $640,000 purchase, roughly the benchmark detached price in London. Land transfer tax is calculated at Ontario's residential rates, with no municipal land transfer tax outside the City of Toronto.
| Minimum down payment | $39,000 |
| Ontario land transfer tax | $9,275 |
| Legal fees, title insurance and disbursements (estimate) | $2,500 |
| Total cash on closing day | $50,775 |
| First time buyer, after land transfer tax rebates of $4,000 | $46,775 |
An estimate for planning, not a quote. It excludes home inspection, moving costs, property tax and utility adjustments, and any default insurance premium, which is normally added to the mortgage rather than paid in cash. Run your own figures in the affordability calculator.
Financing student rentals properly
A five bedroom house rented by the room can produce excellent returns, but lenders view it as a higher management risk than a single family tenancy. Some cap the rent they will count, some require the property to be zoned and licensed for rental, and some decline the category outright.
We take these to the lenders who actively fund them, with the leases, the rental licence and a realistic vacancy assumption already assembled. That turns a category many brokers avoid into a routine approval.
Neighbourhoods we fund in London
Mortgage services available in London
Self Employed Mortgages
Business owners, incorporated professionals and contractors placed with lenders who read real financials, not just a T4.
Mortgage Renewal
The renewal letter is an offer, not a verdict. We shop the whole market before your maturity date.
Private Mortgages
Equity based first and second mortgages when the bank timeline or the bank rulebook does not fit.
Investment Property Financing
Rental, duplex and multi unit financing structured so the next purchase is still possible.
Business Owner Mortgages
Incorporated owners qualified on the whole business: salary, dividends, retained earnings and add backs.
First Time Buyers
Strong income, no clear plan yet. We show you what you can realistically buy, the full cash required and the order to do things in.
Comparing options first? Check today's Ontario mortgage rates or run the numbers in our affordability calculator.
London Questions
Can I buy a London rental while living in Toronto?
Yes, and we do it regularly. The property is underwritten on its own merits plus your income, and everything is handled remotely with a local appraiser and lawyer.
Is 20% down required on a rental?
Yes for a non owner occupied property. If you occupy one unit of a two to four unit building, insured financing with less down may be available.
Do lenders accept per room student leases?
Some do, with signed leases and evidence of a rental licence where the city requires one. We only submit to lenders with an established appetite for the category.
Serving London from Toronto.
Blackwood Mortgage Partners, #131, 1173 Dundas Street E, Toronto, ON. Call 416-990-3790 or email ask@blackwoodmortgagepartners.com.
Other Ontario Locations
Toronto
Our home market. Condos, semis and multiplex conversions financed from our Dundas Street East office.
North York
Yonge corridor condos, Willowdale rebuilds and multi generational homes financed with the right lender.
Mississauga
Square One condos, Streetsville freeholds and self employed files from Peel's business community.
Brampton
Growing family purchases, rental suite income and newcomer files across Peel's fastest growing city.
Vaughan
Woodbridge and Maple purchases, larger loan amounts and business owner financing north of the city.
Markham
Professional households, newcomer files and investment purchases across Unionville and beyond.