“I want a better mortgage” can mean several different things. Explain what you want to change so the comparison starts with the right transaction.
1. Describe the goal in one sentence
Examples include keeping the balance but choosing a new term, moving the existing borrowing to another lender, or requesting additional money. These are different conversations. If you also want to change borrowers or ownership, flag that at the beginning.
2. Bring a snapshot of the current mortgage
Locate the latest statement, maturity date, remaining repayment period and any linked credit products. Share the details through the agreed secure process. A payment amount on its own does not explain the current contract.
3. Ask what must be re-assessed
Request a list of the approval, legal and cost requirements for your proposed change. Avoid assuming a renewal letter confirms eligibility for additional borrowing. Compare the new proposal against leaving the existing mortgage as it is until maturity.
Questions to bring to our conversation
- Am I increasing borrowing or only changing the term or lender?
- Which parts of my application need a fresh review?
- Are any linked borrowing products affected?
Further reading: FCAC: Mortgage renewal. General information; lender requirements and individual circumstances vary.