Renewing Into a Higher Rate? Your Lender Doesn't Have to Win.
If your bank declined your renewal or you can't afford the rate jump, a short-term private mortgage can buy you 6–24 months to resolve the issue and transition to better terms.
Rates as of May 2026. Actual rates depend on LTV, property type, and credit profile. Not a rate guarantee.
Real Renewal Scenarios
Free — No Hard Credit Pull
Where should we send your rate estimate?
We'll send a free breakdown of rates available for your situation.
Risks to Understand
Private mortgage rates are higher than conventional — understand the total cost before proceeding.
Short terms require a clear exit strategy — you must have a plan to refinance or sell before the term ends.
Lender and broker fees add to your cost — always get full fee disclosure in writing.
If you can't exit the private mortgage at term, you may face renewal at higher rates or foreclosure.
Always verify any broker arranging your mortgage holds a valid BCFSA licence.
Frequently Asked Questions
What happens if my bank declines my mortgage renewal in BC?
If your bank declines your renewal, you have several options: apply at another bank or credit union, apply through a B-lender (alternative lender), or use a private mortgage as a short-term bridge while you resolve the issue. A private mortgage renewal buys you 6–24 months to improve your credit, stabilize income, or resolve other issues before transitioning back to conventional financing.
Can I get a private mortgage for a renewal in BC?
Yes. Private lenders in BC regularly fund mortgage renewals where banks have declined. They approve based on your property equity and exit strategy rather than income or credit score. Rates are higher (7.99–10.99% for first mortgages), but the short term (6–24 months) limits your total cost while you address the underlying issue.
What are BC private mortgage renewal rates?
In May 2026, BC private mortgage renewal rates for first mortgages range from 7.99% to 10.99% depending on LTV, property type, and credit profile. Add lender fees (1–3%) and broker fees (1–2%) to calculate total cost. Compare this to the cost of accepting an unfavourable bank renewal rate for 5 years.
How long does a private mortgage renewal take in BC?
Most private mortgage renewals in BC close in 5–10 business days once an appraisal is ordered. If you have an existing appraisal or the lender accepts a drive-by, the timeline can compress to 3–5 days. This is significantly faster than conventional refinancing, which takes 3–6 weeks.
What is the risk of using a private mortgage at renewal?
The main risks are: higher interest cost compared to conventional rates, short terms requiring a clear exit strategy, and lender/broker fees that add to your total cost. The key question is whether the short-term higher cost is worth the flexibility and time it buys you. Always have a written plan for how you will exit the private mortgage before you enter it.
Don't Let Your Lender Trap You at Renewal
Submit your scenario and we'll surface BC private lenders in our directory who can help bridge your renewal gap.
Submit My Renewal ScenarioBCPrivateLoans.ca is an educational directory and referral-intake platform. We are not a mortgage broker, lender, or financial advisor. We do not approve loans or guarantee funding.