If this is a 2nd property, you would need at least 20% down payment. You can do it in different ways. The new mortgage should be approved even if you have the other mortgage in order for the plan to fly. If the 2nd property is a rental property, you are allowed to use 50% of the income as your income to qualify for the mortgage. During renewal you can have one mortgage for 2 properties and hopefully they would have a better rate.