If you’ve been making your payments on time without fail, you shouldn’t have a problem at renewal time. In some cases, however, your lender can choose not to renew your mortgage. If your credit rating has dropped significantly during your mortgage term, for example, you could find yourself scrambling to find a new lender if your current lender no longer finds you to be a worthy borrower. There are other alternatives and you can always take your mortgage to another lender. Although you will probably end up paying higher interest rates. Exactly the same as you would have done if you had poor credit history at the time when you secured your mortgage.
You could also face less favourable terms if your financial situation as a whole is different at the time of renewal than it was when you got your mortgage last. For example, if you and your partner were salaried employees when you got your mortgage but one of you has started your own business or one of you is receiving employment insurance, then that will come into play as well. If you know your mortgage is coming up for renewal soon, do whatever you can to stabilize your finances. Just as you did when you first submitted paperwork to your lender.