Start the review before maturity
Beginning several months early gives you time to understand the current mortgage, gather income and property documents and compare options without a last-minute deadline. If your income, debts or property use changed, raise that early.
Renewal, switch or refinance?
Renewal
You accept new terms with the existing lender when the current term ends.
Switch or transfer
You move the remaining balance to a new lender, usually with the amortization and loan amount substantially unchanged. Legal, appraisal or discharge costs may apply; some may be covered depending on the product.
Refinance
You materially change the mortgage—perhaps to access equity, consolidate debt or reset the amortization. Qualification, legal work and costs differ from a straight switch.
What to compare
- Rate and term
- Payment frequency
- Prepayment privileges
- Penalty calculation
- Portability
- Collateral charge status
- Fees and discharge costs
- Your two-to-five-year plan
Common renewal questions
Does switching always save money?
No. Compare rate savings with discharge, legal, appraisal and other costs, along with product restrictions. The net result matters.
Will I need to qualify again?
A new lender will review the application under its current policies. Some qualifying treatment can differ for an eligible straight switch, so the exact structure matters.
What if I may move soon?
Portability, penalty calculations and term length become especially important. Discuss the possible move before selecting the renewal product.