Mortgage loan interest rate contractual changes
Can I switch my current mortgage to a fixed rate?
At this time, we do not support switching an existing variable-rate mortgage to our new 5-year fixed-rate product. Your current mortgage contract will remain on the variable rate.
Currently, the 5-year fixed interest rate option is only available for entirely new mortgage applications or customers refinancing from another bank.
We are actively working on adding the ability to switch products for existing mortgage customers in the future. We will notify you directly in the app as soon as this feature becomes available.
What happens when my 5-year fixed term ends?
Similar to the current rule for variable-rate customers, we do not offer the option to switch to a new fixed-rate term once your initial 5 years finish. Your mortgage will automatically transition to our Standard Variable Rate.
We will notify you well in advance of this transition so you know exactly what your new monthly payments will be. Your existing mortgage contract simply continues under these new variable terms automatically.
There is a benefit to this transition: once you move to the variable rate, early repayment charges (ERCs) no longer apply. You will have full flexibility to overpay or settle the loan completely without penalties.