First time buyer variable rate mortgages

• Your interest rate tracks the Bank of England base rate, currently 2.0%†.
• At the end of the initial period you move to our variable Base Mortgage Rate (BMR) for the remainder of the mortgage term.
• No extended tie-in after the tracker period.
• Switch and fix facility.
• A tracker floor exists for this product. Please see below for further details†

Our Base Mortgage Rate (BMR):

• A competitive variable rate mortgage.
• No reservation fee.
• Flexible features - overpayments, underpayments and more.

The BMR is currently only available to existing Nationwide mortgage customers reaching the end of their deal period.

Please note that our mortgage products can change or be withdrawn at any time, and rates are only guaranteed at the time of application.

* A reservation fee may be payable depending on the product selected. If you choose the no reservation fee option you will pay a higher rate of interest over the deal period compared to the reservation fee option. If you choose the option with a reservation fee you can pay this when you apply or you can add it to your loan. If you add this fee to your loan you will be charged interest on it during the term of the loan.

† If the Bank of England Base rate is 1% or less during the tracker period, the rate you pay will be 1% plus the agreed set percentage above the Bank of England base rate. This means that the rate you pay will never go below 1% plus the additional percentage rate of your tracker mortgage. This is known as the tracker floor.

Borrowing limits apply. Please ask for details.

FAQ's

• What is a variable rate mortgage?

  With a variable rate mortgage, the interest you are charged will change according to market conditions or the Bank of England's base rate. This means that if rates fall, your payments could go down. However, if interest rates rise - then so do your repayments.

  Our tracker mortgage range:

  • Our tracker mortgage tracks the Bank of England base rate†.
  • No extended tie-in after the tracker mortgage period.
  • Switch and fix facility (if you want to move from a tracker mortgage to a fixed deal - you will only pay any reservation fee for the new fixed rate deal).

  Our Base Mortgage Rate (BMR):

  • The BMR is currently only available to existing Nationwide mortgage customers reaching the end of their deal period.
  • Our most flexible mortgage – with overpayments, underpayments and much more.
  • Guaranteed not to be more than 2% above Bank of England base rate.
  • No Reservation Fee.

• Is a variable mortgage right for you?

  At the end of your deal period you will automatically go onto our fully flexible, variable Base Mortgage Rate (BMR).

  With a BMR deal, the interest you are charged will change according to market conditions or the Bank of England's base rate. This means that if rates fall, your payments could go down. However, if interest rates rise - then so do your repayments.

  If you would rather know exactly how much money you'll be charged each month (for example if you're on a tight budget) then a fixed rate deal might be a better option for you.

  You can apply online now for a tracker mortgage deal..