ON Canada - normally after 5 years, your 40 years becomes 35 years on renewal. You may not re-apply for a 40 year mortization as this is no longer offered by the lenders. If your issues is to reduce payments, you may want to look at other debts, consolidate them with the mortgage and get a lower debt payment per month. That way, your overall financial consideration would improve.

Powered by

My current fixed rate mortage has come to an end and i need to renew the mortgage but in august next year i will be in the position to pay the mortgage off completely. you seem to have to take out at least 2 years on a mortgage, does anyone know of a company or any conditions that i could take on a new mortgage that i can settle in one year with no early redemption fines? many thanks

Currently only Chorley & District BS offers fixed rate deals of 1 year, but they come with a 2% redemption fee. You could move on to your lenders Standard Variable Rate. Rates have started to be cut following the base rate cut so you could end up paying a rate of around 5%. However, some people still have rates over 7%, so check what you lender is currently charging. Some deals have no redemption penalty. The best thing to do is to go to a mortgage broker who will be able to source the best deal for you. Most take their fee from any deal they arrange for you.