Refixation (refixace)
Agreeing a new interest rate and fixation length with your existing bank when the current fixation ends. The bank must announce the new rate at least 3 months in advance. The client can accept it, negotiate better terms, or repay or refinance the mortgage elsewhere without a fee at the end of the fixation. If the client does nothing, the bank usually applies the offered rate automatically. When to stay and when to leave is compared in refixation or refinancing.
Example
A CZK 4,000,000 mortgage over 25 years was fixed in 2021 for 5 years at 1.99 %, with a payment of CZK 16,935. After five years about CZK 3,351,000 is still owed. Refixing at 5.00 % for the remaining 20 years gives a payment of CZK 22,113, CZK 5,178 more. Had the client accepted the first offer of 5.80 % without negotiating, he would pay CZK 23,620.
In practice
The first offer in the letter tends to be worse than what the bank gives a client who negotiates. Get offers from two or three competitors and contact the retention department. Consider a shorter fixation too; in October 2026 the one-year is the cheapest. Put the letter aside, let the automatic refixation go through, and you may find the free window for changing banks has closed.
How it differs
Refinancing means moving to another bank with a new valuation and lien, whereas refixation happens at your existing bank without new contracts. The end of the fixed-rate period is a date; refixation is what happens to the rate on that day. A retention offer is a better rate the bank puts forward so that the client does not leave.
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