Six weeks ago, Scotiabank dropped a policy bomb with its STEP qualifying rate change. The move made it much harder for borrowers with higher debt ratios to get approved.
After investigation, we've since unearthed suspected reasons behind this shift. The story that follows outlines those, as well as the ripple effects on brokers.
And, if Scotia's STEP has you feeling locked out like a teenager past curfew, don't worry - we've got a list of alternative lenders ready to roll out the welcome mat.
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