Finding the right mortgage

What's in this section?

Why switch mortgage?

Why you might want to consider a new mortgage deal.

Check you're eligible

There are a number of requirements before you can switch.

Things to consider

Some important things to consider before you switch deal.

Types of mortgage rates

A look at the different options available to you.

Why switch?

If your current Nationwide mortgage deal is ending, you might be ready to find a new one. If you're currently on a tracker rate, you might want to 'switch and fix' to a fixed rate mortgage to lock in a good rate.  

The good news is that no matter why you're looking to switch, we offer our current mortgage customers our best possible rates when you switch to a new deal with us. 

YOUR MORTGAGE IS SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DON'T KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Check you're eligible

You’ll be eligible to switch your Nationwide mortgage to a new deal with us, if you meet the following requirements:

  • your current deal is ending in the next 3 months OR
  • you’re currently on either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR) and you meet the following eligibility criteria:

If you want to switch to a tracker rate mortgage

  • You have a loan to value (LTV) of 80% or less.
  • You have a remaining balance of £5,000 or above.
  • You have 2 or more years left on your mortgage term.
  • Your mortgage is not in arrears.
  • Your property is not being let out.

If you want to switch to a fixed rate mortgage

  • You have a loan to value (LTV) of 95% or less.
  • You have a remaining balance of £5,000 or above.
  • You have 2 or more years left on your mortgage term.
  • Your mortgage is not in arrears.
  • Your property is not being let out.
  • You’re on a Tracker mortgage with no associated early repayment charges (ERCs).
  • You have a switch and fix option on your current mortgage.

Things to consider before switching

If you’re eligible to switch, there are still a few more important things to consider, such as any fees and charges that come from getting a new mortgage, and the following rate considerations:

Changing to and from BMR and SMR rates.

Both the SMR and BMR are variable rates which we may vary in accordance with our mortgage terms and conditions. Our BMR is guaranteed to be no more than 2% above the Bank of England Base Rate. The SMR has no upper limit or cap.


  • If you switch from a BMR rate to a new mortgage, you won’t be able to switch back to our BMR at a later date
  • If you reserved your fixed or tracker product through Nationwide on or before 29 April 2009, through Derbyshire on or before 30 May 2009, or through Cheshire on or before 14 June 2009, you'll move on to the Nationwide Base Mortgage Rate (BMR).

Changes to your mortgage features

In addition to a new price, your new mortgage may have different features from your current mortgage. So if you switch, you might lose features which you currently enjoy, such as payment holiday or borrow back options, which we don't offer on mortgages taken out from 3 March 2010

At Nationwide, we offer two main types of mortgage and these are on a repayment basis only:

However, if you already have an interest only mortgage and you are switching to a new mortgage and not taking any additional borrowing, you can continue to have your product on an interest only basis.

Fixed rate mortgage

With a fixed interest rate, your interest rate stays the same for a set period of time and then reverts to a variable rate for the remainder of the term.

Tracker rate mortgage

Here, your monthly payments can go up or down because they’re directly linked to a rate set by the Bank of England. This is dependent on the deal period.

Mortgage rates calculators

Before you apply for a new deal with us, it’s a good idea to check out our rates and what your new monthly payments might be.

YOUR MORTGAGE IS SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DON'T KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Applying to switch your mortgage

Completing your switch