Overview

Frequently asked questions

Switching mortgage deal - FAQs

If you’re within the last 3 months of your current product, you can switch to a new product without paying any Early Repayment Charges.

If you don’t wish to switch, you’ll automatically move to either our Base Mortgage Rate (BMR) or our Standard Mortgage Rate (SMR), so please check your original mortgage offer or your annual mortgage statement to see which rate you’ll move onto.

You can’t switch to a new product if you’re currently on a payment holiday, letting your property or are in arrears. Please note that you'll have to have made at least one monthly payment since being on an arrangement or taking a payment holiday before switching to a new product.

Yes, once you've moved onto either Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR) you can switch to a new product at any time and you won't have to pay an Early Repayment Charge (ERC).

You can’t switch to a new product if you’re currently on a payment holiday, letting your property or are in arrears. Please note that you'll have to have made at least one monthly payment since being on an arrangement or taking a payment holiday before switching to a new product.

When your product ends you’ll automatically move to either our Base Mortgage Rate (BMR) or our Standard Mortgage Rate (SMR), so please check your original mortgage offer or your annual mortgage statement to see which rate you’ll move onto.

If you reserved your Fixed or Tracker product through:

  • Nationwide on or before 29 April 2009, 
  • Derbyshire Building Society on or before 30 May 2009, or through 
  • Cheshire Building Society on or before the 14 June 2009 

you’ll move on to the Nationwide Base Mortgage Rate (BMR). If you reserved your mortgage product after these dates, you’ll automatically move on to the Nationwide Standard Mortgage Rate (SMR).

Both are variable rates which we may vary in accordance with our mortgage terms and conditions. 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 your current product has more than 3 months remaining and you wish to switch, you'll have to switch through an advised service in branch or by calling us on 0800 30 20 11. You may have to pay an Early Repayment Charge if you decide to switch when you have more than three months remaining on your deal, please check your original mortgage offer or annual statement to find out.

If you have a Tracker mortgage (reserved through Nationwide on or after 10/01/2006) you can switch to one of our Fixed Rate products at any time (For Tracker rates reserved through Derbyshire Building Society, Cheshire Society or Dunfermline Society please check your original mortgage offer).

You can’t switch to a new product if you’re currently on a payment holiday, letting your property or are in arrears. Please note that you'll have to have made at least one monthly payment since being on an arrangement or taking a payment holiday before switching to a new product.

If you have a Tracker mortgage (reserved through Nationwide on or after 10 January 2006) you can switch to one of our Fixed Rate products at any time (For Tracker rates reserved through Derbyshire Building Society, Cheshire Society or Dunfermline Society please check your original mortgage offer, section 10 or call us on 0800 30 20 11).

If your Tracker is Early Repayment Charge free you can switch to a new product at any time. If you’re unsure if your Tracker is subject to Early Repayment Charges, please check the terms of your mortgage offer, section 10 or call us on 0800 30 20 11.

You can’t switch to a new product if you’re currently on a payment holiday, letting your property or are in arrears. Please note that you'll have to have made at least one monthly payment since being on an arrangement or taking a payment holiday before switching to a new product.

If you’re on our Base Mortgage Rate (BMR), Standard Mortgage Rate (SMR) or within the last 3 months of your product term, you can switch to a new product at any time, without paying an Early Repayment Charge.

If you’re still within your product term (including Fixed Rates or Trackers) and it’s not in the last 3 months, an Early Repayment Charge may apply, please see your original mortgage offer for details or call us on 0800 30 20 11.

If you change your mind on the product you have chosen before the start date of the product, please call us on 0800 17 12 371.

If you want to borrow more when switching please make an appointment in branch, call us on 0800 30 20 11 or apply online.

If you're switching online and you'd like to borrow more, you’ll need to complete separate applications, one for further borrowing and one for switching. Each will need to be completed as a separate transaction but in no set order.

You may have made overpayments that are now in your overpayment reserve. You may be able to borrow from or make underpayments from this reserve in the future. This means we treat your overpayment reserve as part of your mortgage amount when offering you a new deal.

In order to qualify for the lower rate the overpayment reserve will need to be removed. If this is the case, call us on 0800 30 20 11 for more information.

Please note, once your overpayment reserve is removed you will no longer be able to borrow from or underpay from it.