Use renewal as a review point. A clear comparison sheet can show which offer fits your plans, even when the payments look similar.
1. Prepare one comparison sheet
Record the outstanding balance, renewal date, proposed term, rate, payment and remaining repayment period. Use the same starting figures when comparing alternatives.
2. Include the costs of a change
Ask about switching expenses and the new lender’s requirements. Confirm who pays each cost and whether an incentive has conditions attached.
3. Give yourself time to compare
Start a few months before renewal. Extending repayment to reduce the monthly amount may increase total interest, so compare that trade-off explicitly.
Questions to bring to our conversation
- What costs would I pay to switch?
- Would the repayment period change?
- What flexibility do I have if I move during the next term?
Further reading: FCAC: Mortgage renewal. General information; lender requirements and individual circumstances vary.