Simplest
Straight switch
Same balance and amortization, generally no penalty at maturity
London & Southwestern Ontario
Mortgage Renewal in London, Ontario
Your lender's renewal letter is an offer, not a bill. It is the one moment in the mortgage cycle where changing lenders usually costs nothing but paperwork.
Here's how to approach a London renewal so you're comparing properly rather than signing out of convenience.
Nandan Bajani · Mortgage Agent Level 1 | Ontario · The Mortgage Firm Inc.
Compare your renewal offer with today's lowest rates
As of October 23, 2026
- Fixed
- 4.34%
- 5-Year term
- Variable
- 3.43%
- 5-Year term
- Prime
- 4.45%
- Bank of Canada
See how today's rates compare before you sign your renewal offer.
Compare all 8 terms & inquire
London, Ontario — Daily Update
Compare Today's Mortgage Rates
As of October 23, 2026
Bank of Canada overnight rate 2.25%, prime 4.45%
TermFixed RateVariable Rate
2-Year
Fixed
4.39%
Big 6 Bank
Variable
—
3-Year
Fixed
4.49%
Canadian Lender
Variable
3.90%
Alterna Savings
5-Year
Fixed
4.34%
Canadian Lender
Variable
3.43%
Canadian Lender
Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.
Rates are illustrative, change daily and are subject to lender qualification. Source: Ratehub.ca public rate table, as of October 23, 2026.
Plan your numbers
Run Your Numbers
From offer to new term
Your Renewal Timeline
- 1
Renewal notice arrives
Your lender sends an offer, not a bill — usually ~120 days before maturity
- 2
Compare against the market
Shop rates while you can still choose
- 3
Decide: stay, switch, or refinance
Match the option to what's changed in your life
- 4
Documents & re-qualification
Only if switching lenders or adding money
- 5
Rate held, paperwork signed
Your new term is locked in
- 6
Renewal date
New term begins, no gap in coverage
Start about 120 days out
Most lenders will hold a rate up to 120 days before maturity, and a straight switch to a new lender takes a few weeks to arrange.
Starting early means you can accept a lower rate if one appears and still fall back on your existing lender's offer if it doesn't.
120 days
Typical rate-hold window before your mortgage matures
Staying put vs switching lenders
Staying is simplest: sign and continue.
Switching means re-qualifying, but on a straight switch — same balance, same amortization, no new money — many lenders cover or absorb the legal and appraisal costs. The comparison should include the term, prepayment privileges and the penalty formula, not just the headline rate.
New money
Refinance at renewal
New money added, requires full qualification and legal work
Penalty applies
Early switch before maturity
Penalty applies and needs to be weighed against savings
What You'll Need to Switch Lenders
Only required if you're switching lenders or adding funds — renewing with your current lender by signing usually needs none of this.
Current mortgage statement (balance, maturity and lender)
Recent pay stubs or T4s/Notices of Assessment
Government-issued photo ID
Current property tax bill
Home insurance binder
Penalties and how they're calculated
Penalties and how they're calculated
At maturity there is normally no prepayment penalty.
Breaking early is different: variable-rate mortgages typically use three months' interest, while fixed-rate mortgages use the greater of three months' interest or an interest rate differential calculation that varies significantly between lenders.
Renewal is a good time to restructure
Renewal is a good time to restructure
If your situation has changed — consolidating higher-interest debt, funding renovations, adjusting amortization, or adding or removing a person from title — renewal is the natural moment to do it, because you're already re-documenting the file.
Plan your renewal months ahead
Plan your renewal months ahead
I suggest reviewing your options roughly nine months before maturity.
That leaves time to check your credit, decide whether anything should change, and line up a rate hold about 120 days out without rushing.
The stress-test exemption on straight switches
The stress-test exemption on straight switches
If your mortgage is uninsured and you switch lenders at maturity without adding money or extending the amortization, current federal rules let you qualify at the new lender's contract rate rather than the stress-test rate.
That removes one of the biggest barriers to moving your mortgage at renewal.
Fixed or variable at renewal
Fixed or variable at renewal
Renewal is a natural point to revisit the fixed-versus-variable decision.
Variable mortgages move with prime; most include a conversion option that lets you lock into a fixed term later, and their break penalty is usually three months' interest.
- Adjustable-payment variable: your payment changes when prime changes
- Fixed-payment variable: your payment stays the same while the split between interest and principal shifts
- Fixed: payment and rate are set for the term, with a penalty that can include an interest rate differential
Related reading
Questions people ask
Do I have to re-qualify to renew or switch lenders?
Generally no if you simply sign the renewal, and no stress test for a straight switch (same balance and amortization) to another federally regulated lender. Adding money or extending the amortization makes it a refinance, which does mean re-qualifying.
How early should I start a London mortgage renewal?
About four months before maturity. That leaves room to hold a rate and complete a switch without rushing.
Does switching lenders cost me anything?
On a straight switch, many lenders cover or reimburse the standard legal and appraisal costs. That should be confirmed in writing for your specific file.
Can I shorten my amortization at renewal?
Yes, and it's one of the most effective ways to reduce total interest if the higher payment fits your budget.
What happens if I don't sign my renewal before the maturity date?
It depends on your lender and mortgage terms. Some lenders renew you automatically, sometimes into a short-term or open product at a higher rate. Read your renewal letter for what happens at maturity, and start comparing about four months ahead so you aren't left with the default option.
Can I renew early to lock in a rate?
Many lenders let you renew or switch within about 120 days of maturity without a penalty. Breaking the mortgage earlier than that usually triggers a prepayment penalty: commonly three months' interest on a variable, and the greater of three months' interest or the interest rate differential on a fixed.
Compare your renewal offer before you sign
A short conversation is usually enough to know what's realistic. No obligation, no pressure.