When your fixed-rate period is about to expire, 3 to 4 months before the end of your fixed-rate period, your lender will provide a new interest offer outlining your options, which includes continuing with a new fixed interest rate. If your rate is fixed for five years, they will offer to continue for another five years. However, you can also choose one of their other fixed-rate terms.

Be aware that your new proposal could be higher than what you're used to paying due to changes in the market and economy. Alternatively, you can explore options to transfer your mortgage to a new lender, offering you a lower interest rate and more favourable terms. Remember that refinancing may involve additional fees and closing costs, so carefully weigh its pros and cons.

As you weigh the options presented by your lender, carefully compare the pros and cons of renewing a fixed-rate mortgage versus transitioning to a variable-rate mortgage.

Fixed-rate mortgages offer the security of predictable monthly payments, shielding you from interest rate fluctuations. However, this stability often comes at a higher initial cost than variable-rate alternatives.

Variable-rate mortgages, on the other hand, expose you to the risk of rising interest rates, which can lead to higher monthly payments. However, if interest rates decline, you may benefit from lower costs.

Evaluate your financial situation, risk tolerance, and long-term goals to choose the best option for your needs and preferences. If you're unsure which option to select, contact our mortgage specialists for assistance.

Navigating the complexities of mortgage renewal can be daunting, especially when deciding whether to switch your mortgage or provider as your fixed-rate period ends. We strongly recommend consulting with one of our mortgage advisors, who can provide personalized guidance based on your financial situation.

Our team will calculate the potential impacts on your monthly payments, compare your current offer with others, and assess if it's still your best option. We help you find the best-fixed interest period, check if you can leave your provider without fees, and manage the switch if you change providers.