The short answer
Compare the decision, not just the offer.
A renewal letter can make a big decision look like a quick administrative task. You have a rate, a payment and somewhere to sign. Before you do, pause for three questions.
What has changed in your life?
A planned move, a renovation or a different income can change what you need from the next term. Write down the changes first. They give the comparison a purpose beyond finding a different rate.
What are you actually comparing?
Put the payment, term, repayment flexibility and switching costs side by side. Changing lenders requires approval, and fees can affect the benefit. Ask what is included and what you would pay yourself.
Does a lower payment mean a better result?
Not necessarily. Extending the repayment period can reduce the payment while increasing interest costs. If monthly relief is the goal, understand what that relief costs over time.
A useful next step
Bring your renewal offer, a recent mortgage statement and the renewal date. Staying with the current lender may be sensible. The point is to know why you are choosing it.
General information, not a financing recommendation or a promise of approval. Mortgage terms and lender requirements vary. Review the details of your own situation before acting.