Who is this for?
If you think there’s a chance you’ll eventually want to switch to a different type of mortgage (such as from a variable rate to fixed-rate mortgage), you may be interested in a mortgage with a convertibility feature, often referred to as a convertible mortgage.
How will this help me?
A London Life mortgage with convertibility options can help you adapt your mortgage to fit your evolving needs. For example, you could convert from the Lock and Roll or Adjustable Rate-Adjustable Payment mortgage to a true variable rate product.
The bottom line is that, with the convertibility feature, you have the potential to make changes as you see fit. It’s important to keep in mind that every lender has its own definition of what “convertible” means, so be sure to speak with a London Life mortgage planning specialist about this topic.
What else do I need to know?
Payment frequency options
As with open and closed mortgages, with a convertible mortgage you can choose your payment frequency: weekly, biweekly, monthly, etc.
A financial security advisor with Freedom 55 Financial can introduce you to a mortgage planning specialist who can help you understand which of these payment options is right for your specific financial situation.
Convertible mortgage terms
A convertible mortgage lets you convert to a closed mortgage at any time without having to pay a penalty. The type of mortgage you currently have will dictate how you will be able to use the convertibility option.
Depending on what is being moved where, some specific term options (and limitations) may come into play. To learn more about this process and what options are available to you, speak with a London Life mortgage planning specialist.
Connect with an advisor
Working with a financial security advisor can provide you with the tools and expertise you need to plan for the future.