What will your renewal cost?

Common questions

Should I just accept my lender's renewal offer?

Rarely. The first offer is a convenience, not usually their best rate, and signing it is the easiest thing to do. Comparing what else is available costs you nothing and is frequently worth a meaningful amount over the term.

When should I start looking at my renewal?

About three to six months before the maturity date. That gives you time to compare properly rather than deciding against a deadline, and a rate can usually be held for you in the meantime.

Does switching lenders cost anything?

There can be discharge, appraisal or legal costs, though lenders often cover some of them to win the business. This calculator does not include them, so weigh any quoted saving against those costs.

My payment is going up. What can I do?

Extending the amortization lowers the payment, though it increases total interest. Changing to an accelerated frequency does the opposite. A lump sum at renewal reduces the balance before the new rate applies. Sukhpreet can model the combinations against your budget.

Should I take a shorter term to wait out the rates?

It can work, but it is a bet on where rates go, and a shorter term means renewing again sooner. The right answer depends on how much payment uncertainty you can comfortably absorb, not on a forecast.