Prepayment of a Locked in Mortgage (#2 – A B.C. Decision) #39
By Gerry NeelyB.A. LL.B. Column No. 38 reviewed the impact of a 1980 Ontario decision interpreting the provisions of the Ontario Mortgage Act in a way which gave a mortgagor who appeared to be locked into a high interest renewed mortgage the right to pay off the mortgage upon payment of three months’ penalty. As that column …