Is Blend and Extend Mortgage worth it? Plus more questions :D

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!


New Member
I think it is worth it if you can't pay for it and want lower monthly rates. I suggest consulting with a professional before taking extended mortgage terms. I also had a similar offer, and I used some Mortgage Broker in Derby services. He explained to me that by accepting the new terms of the contract, I would pay less for the mortgage monthly, but in the end, I would have paid a bigger sum of money than with current conditions. I thought a lot about this, and I decided to reject the offer for the extended mortgage contract.


Blended mortgages combine your existing mortgage rate with a new, lower rate, saving you money. Can is done by extending the term or adding no term. Since you are not in breach of your existing mortgage agreement, you will not be charged an early repayment fee. However, you may have to pay some fees. With a new mixed mortgage, you will get a better interest rate, saving you money. My advice is not to look online for information but to consult with an expert. People who know their business will tell you the best way to proceed. When I took out a mortgage loan, Mortgage Advice Doncaster helped me.


New Member
Hey man, thanks for sharing this information! I've been thinking about getting my first mortgage for a while, so I really enjoy gathering expertise from insightful online posts. If I were you, I would definitely seek assistance from a professional agency. There are so many specialists available nowadays! I was lucky enough to have bumped into Mortgage Broker Derby. The staff did its absolute best to assure I got the best possible deal, and now I'm close to finally purchasing my first home! Needless to say, I'm more than excited! Good luck.
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