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Hi everyone, please help me figure out what to do with my current mortgage situation...

I am currently in a 5 year fixed mortgage at 2.74% interest rate (Scotiabank)
Principal balance is 332,543
Renewal date is on Aug 28, 2024

1. I've seen some crazy low mortgage interest rates as of today and read somewhere that a Blend and Extend Mortgage could help lower down my interest rate without paying any penalty.

2. Also, I've been wondering if breaking my current mortgage to go into a new one would be worth it as well. Saw some crazy low interest rates e.g. HSBC (Special offer rate of 0.99% APR***on a 5-year variable closed term high ratio mortgage)

3. Lastly, what should I do first? Who should I start to talk to to begin with? (Mortage broker, Scotiabank, HSBC?)


If someone could help me how to do the right calculations to crunch some numbers, that would be highly appreciated as well. Cheers everyone!

Thank you for sharing! Wish you luck in finding help

A blend-and-extend mortgage is when you take your current mortgage rate and combine it with a new one. You're technically keeping your existing mortgage but extending the term and getting an interest rate that's somewhere between your old mortgage rate and current rates. It is very handy because you can lower your interest rate, and you will pay a smaller sum of money in the final. I also tried to combine two of my mortgages, but unfortunately, I couldn't get it until I used the services of a Mortgage Advisor Sunderland.