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Mortgage Renewal

Mortgage agreements can have a term that does not fully cover the repayment of the loaned amount. A mortgage renewal is a financial agreement with a mortgage lender where you secure a new term for your loan that is approaching maturity. This new term will cover the next portion of your remaining loan and may in turn require a renewal when it matures. If you have a mortgage that won’t be fully paid off at the end of the term, you will need to get a mortgage renewal.

Your mortgage renewal is an opportunity for you to shop around with different lenders and negotiate the best deal for yourself. By planning ahead you can secure yourself a better rate and a more suitable loan structure. For all your mortgage renewal needs be sure to consult trusted and experienced mortgage professionals.

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    Register your mortgage renewal date with and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due. So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.

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    Mortgage Renewal Tips

    A mortgage renewal can be a useful tool that may save you money but that depends on your existing mortgage, your financial situation, and the market. Depending on the context a refinance may not be the option for you.

    Start Shopping Early

    Shopping around can take time. Applying for a mortgage renewal with a different lender may require you to go through a financial stress test to see if you can make and maintain your payments.


    Your mortgage renewal is an opportunity for you to negotiate with lenders to achieve a better outcome for yourself.

    Look at Multiple Lenders

    Your current lender may have been the best option for you when you first got your mortgage but that may not be the case when it comes time for your mortgage renewal.

    Get a Rate Hold

    Once you have received an offer for your mortgage renewal from a lender you should ask for a rate hold.

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    Commonly Asked Questions

    A minimum of 21 days before the term of your mortgage is due to end, your current provider must provide you with a mortgage renewal offer or inform you if they will not be providing you with a renewal. You can shop around and apply for a renewal prior to this.

    You should start the process of looking for a mortgage renewal 3 to 4 months before your term is due to finish. If you will be staying with your existing lender you should be able to renew up to 120 days ahead of time without penalty. If you are changing lender you can reach an agreement to switch over when the current term ends

    When negotiating your mortgage renewal you can discuss changes in the payment amounts and structure with your lender. You may be able to come to an agreement that has a lower or less frequent payment structure. Similarly, you can negotiate other changes to your mortgage including any changes in the interest rate or attached insurance policies.

    With a mortgage renewal lenders need to be sure that you can make payments so they assess your finances, including your credit score, total debts, and income. If your renewal is denied by your current provider you can still shop around with other providers like trust companies and private lenders.

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