Early Renewal
Since mortgage rates fluctuate, it may be beneficial to revisit your current mortgage product, regardless of how long you've had it.
An early renewal involves renegotiating the mortgage term and interest rate before the maturity date.
Some mortgage products allow the borrower to renew their mortgage early at any time during the term.
A prepayment charge may apply if the borrower:
- Has a closed-term mortgage
- Renews their mortgage before the end of term
Before you consider an early renewal, you should contact your current lender to get details of any prepayment charge or other fees that could be charged for renewing early.
I can shop the market for you and help determine whether you'll save money by breaking your current mortgage and renewing early. I'm happy to discuss the possibilities with you.
