National Bank borrowers reviewing a fixed-mortgage break penalty should request the written payout statement, confirm the comparison-rate method, and review fees, restrictions, timing, and replacement-offer assumptions before relying on any lower-rate comparison.
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Lender-specific educational IRD guide.
Confirm the exact rate or method used in your payout quote.
Ask whether the lender used IRD, three months of interest, or another contractual calculation.
Confirm penalty, costs, eligibility, and replacement-offer terms first.
National Bank borrowers should confirm the exact comparison rate and remaining term used in any fixed-rate IRD calculation.
Ask for the payout statement in writing. The statement should explain whether the penalty is based on three months of interest, an IRD amount, or another contractual calculation, and which balance, rate, remaining-term, and timing assumptions were used.
Treat the payout statement, penalty calculation, fees, replacement-offer terms, qualification requirements, and timing as one review package. FairRate does not decide whether breaking, switching, blending, extending, refinancing, or staying is appropriate.
FairRate provides educational context only. It does not calculate your binding lender penalty, provide legal advice, arrange a mortgage, or guarantee a lower rate, approval, savings, or outcome.
National Bank fixed-mortgage break penalties can depend on your balance, contract rate, remaining term, lender comparison rate, timing, and contract method. Always request the written payout calculation for your file.
The calculation is usually contract-based. Ask the lender to explain the method, assumptions, payout amount, portability options, blend-and-extend options, and any alternatives in writing.
A generic page cannot decide that. Review the payout statement, penalty calculation, discharge costs, legal or notarial costs, appraisal requirements, replacement-offer terms, qualification requirements, and restrictions before relying on a comparison.