I'm wondering if someone can share some advice. I have some building land which eventually I would like to build something on. The bank would like to renew the existing LIBOR mortgage for 2.75% instead. They said they could offer a rate of money market rate of 1.15%, without an early cancellation penalty.

I see people can get mortgages for well under 1%. Should I be expecting to be paying such high rates for a mortgage on land? Does someone know some other banks that have more favourable rates for mortgages for land only? The rate I have now is 0.80% which seems a whole lot more attractive than 1.15% frankly. But it got me thinking, maybe they are trying to pull a fast one on me.