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:
Before a client does an early renewal, they should contact their lender to get details of any prepayment charge or other fees that could be charged for renewing early. Also, find out if there are options to capitalize the prepayment charge or if there are any restrictions on what products the client may renew early into.
As a local mortgage broker, 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.
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