Answers to Your Questions
UBC Mortgage & Down Payment Program FAQs (and answers) are listed below. For questions not answered here, please email email@example.com.
Q: I’m a grant tenured faculty member. Do I qualify for the Mortgage & Down Payment Program?
A: Yes, grant tenured and grant tenure track appointments qualify for the Mortgage & Down Payment Program provided the funding for this benefit comes from the granting agency.
Q: I’m a faculty member at UBC Okanagan. Do I qualify for the Mortgage & Down Payment Program?
A: Unfortunately, this benefit is available for UBC Vancouver faculty members only.
Q: Why is HSBC the only choice for the Mortgage Assistance option?
A: Due to the myriad back office requirements associated with administering this benefit, it is necessary for the University to limit its banking partners. Additionally, a contractual relationship between the University and the bank must be established. At this time, HSBC is the only bank willing to commit to our program.
Q: Can I use the Down Payment Assistance to pay the deposit for my house purchase?
A: No, this falls outside of the scope of what the University has approved for the program. The intention of the Down Payment Assistance is to assist faculty at the time of closing and not in the payment of any deposit. Using University funds to pay a deposit entails risks that the University, being an educational and not a financial institution, is unable to accept.
Q: When do I need to seek approval?
A: An Eligible Employee can apply for approval any time for the Mortgage & Down Payment Program. This means that you can apply before you begin to search for a home. Once approved by Faculty Relations your approval will last for 12 months from the approval date (provided you remain and Eligible Employee). You do not have to submit your election form to choose between Down Payment Assistance and Mortgage Interest Assistance until such time as you have found a home to purchase.
Q: Can I buy a home in Squamish or somewhere else not listed in the Terms and Conditions?
A: No. The program is intended to assist faculty in making their time in Vancouver and at the University as positive as possible. The University is of the view that any commute from beyond the approved areas would be difficult to maintain for any faculty member and detrimental to the interests of both the faculty member and the University.