What does my bank's mortgage retention desk do? (Canada)

In Canada, your bank's mortgage retention desk is generally the team whose job is to keep your mortgage when you might leave, most often at renewal. The retention desk can often offer a lower rate or different terms than your renewal letter shows, within limits the bank sets. You usually reach the retention desk by asking, so the letter in your hand may not be the only offer your bank will make.

Who the retention desk is

Banks call the retention desk different things: retention team, renewal team, or a mortgage specialist at your branch. These teams commonly have the authority to offer a discount that is not in the standard renewal letter, within the bank's pricing rules.

The Financial Consumer Agency of Canada says you can negotiate with your current lender at renewal. The agency says you "may qualify for a discounted interest rate that is lower than the rate quoted in your renewal letter" (source: Financial Consumer Agency of Canada, checked October 2026). The retention desk is commonly where that discount comes from.

What the retention desk can usually do

Retention-desk practice varies from bank to bank, so treat the list below as what is common, not what is promised:

• Improve the rate compared with your renewal letter, often more readily when you can show a written offer from another lender.
• Offer a different term or type, such as a shorter fixed term or a variable rate, if the one in the letter does not suit your plans.
• Hold an offer for a set period while you decide.

The retention desk generally cannot go outside the bank's lending policy, and any new offer is still subject to lender approval. Nor can the desk tell you what other banks, credit unions or monoline lenders would offer. The desk can only offer its own bank's products.

How to reach the retention desk

Many borrowers call the number on the renewal letter or their branch, ask for the renewal or retention team, and say they are comparing offers. Asking for any improved offer in writing, with its expiry date, helps.

The timing of your call matters. Federally regulated lenders must send a renewal statement at least 21 days before your term ends (source: Financial Consumer Agency of Canada, checked October 2026). Starting a few months earlier leaves room to compare.

The full explainer is on our retention desk page. The rules behind the retention desk, with sources, are on what the retention desk can do.

What to do next

Before you call, run your renewal letter through the offer check so you know what to ask about. Or bring the letter to us through Can your bank do better?. We check your letter against the lenders we work with and can give you a written offer to take back to your bank. If your bank matches, you stay and pay less; if not, we can arrange the move, subject to lender approval.