Standard and Base Mortgage Rates
Please note that any mortgage products reserved on or before 29th April 2009 revert to the Base Mortgage Rate (BMR). If you choose to switch to a new Nationwide mortgage product, the new product will revert onto our Standard Mortgage Rate (SMR).
Both are variable rates which we may vary in accordance with our mortgage terms and conditions. However, the BMR is guaranteed to be no more than 2% above the Bank of England base rate, whilst the SMR has no upper limit or cap. If you choose to switch to a new product, it is not possible to switch back to the BMR at a later date.
On both the SMR and BMR there is unlimited flexibility so you can overpay by as much as you like, when you like.