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Switch to a new Nationwide mortgage

If you'd like to switch your current Nationwide mortgage to a different one, it's easy. Just make sure you're eligible and that you've read through the important things to consider below.

Are you eligible to switch?

You can switch your Nationwide mortgage if:


  • you have 2 or more years left on your mortgage term
  • your mortgage is not in arrears
  • your property is not being let out
  • your remaining mortgage balance is £1,000 or above*

*if the balance of any of your mortgage accounts is less than £1,000, but the total balance of all accounts is more than £1,000, please give us a call before you switch any of your accounts on 0800 30 20 10 - you may still be able to switch.

Early Repayment Charges 

An Early Repayment Charge (ERC) may apply if you switch your mortgage during your deal period.  

If you're within 3 months of your deal ending, or on our Base or Standard Mortgage Rates, or you're on a tracker mortgage with a 'switch and fix' option, you won't need to pay an ERC.  

Not sure if an ERC applies to you? Check your mortgage offer or give us a call on 0800 30 20 10.

Fees and features

Your new mortgage may come with a product fee and it may also have different features than your current mortgage.

As of 4 March 2010, our mortgages no longer include payment holiday or borrow back options.

You can see all mortgage deal features and fees by searching our mortgage rates.

Important things to consider before switching

Changing to and from BMR and SMR rates
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 our BMR rate to a new mortgage, you won’t be able to switch back to the BMR at a later date and you'll also lose any right to borrow back (if you already have this facility).
  • 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).

How an overpayment reserve is relevant when switching

When you pay more than your monthly payment we do three things:

  • Take all overpayments off your balance straight away and reduce the interest you pay us from the next day.
  • Reduce your monthly payment (or term if you’ve asked us to) if you overpay by more than £500.
  • Keep track of all the extra you’ve paid on your mortgage and call this amount your ‘overpayment reserve’, which allows you to underpay (or borrow back, if you have that feature).

When you switch, we include your current balance and the overpayment reserve when working out your loan to value (LTV). The rates available to you will depend on your LTV band – the higher your LTV band, the higher the rate you’ll pay. Your overpayment reserve increases your LTV, but may not mean you move to a higher LTV band. When you switch to a new deal, you’ve got two options with your overpayment reserve:


  • Option 1: Reduce your overpayment reserve
  • This means you won’t be able to underpay on the overpayment reserve you’ve removed after your switch, but your LTV will be lower and may mean you pay a lower rate if you move to a lower LTV band.

  • Option 2: Keep your overpayment reserve
  • This means you’ll be able to use your overpayment reserve to underpay after your switch, but your LTV will be higher and may mean you’ll pay a higher rate if you are in a higher LTV band.

If you’d like to find out more about how your overpayment reserve could impact your mortgage, please call us on 0800 30 20 11.

Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage.

Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.