Finding the right mortgage

Applying to switch your mortgage

Completing your switch

What's in this section?

What happens next?

What happens after completing the switch?

Managing your mortgage online

Information to show how managing your mortgage online could make things easier for you.

Insuring your mortgage and home

A good time to review your home and mortgage insurance.

Repaying your mortgage

How will your mortgage be paid back.

What happens next?

After completing your application, you’ll receive your personalised mortgage offer and your new payment details.

Managing your mortgage online

If you're registered for our internet banking service you can manage your mortgage online.  Alternatively, you can find your mortgage details on your yearly statement, by calling 0800 30 20 11 or by visiting us in branch.

What can I do with my mortgage online?

Once you’ve logged onto the Internet Bank you’ll be able to:

  • Manage your monthly payments.
  • Make overpayments if you bank with Nationwide (these will show combined with your monthly payments).
  • Make advance payments.
  • Check interest added.
  • View statements.
  • See your interest rate history.
  • Check your redemption date.

How do I make overpayments online?

You can make overpayments of up to £100,000 via the Internet Bank, or a BACS/CHAPS payment. But make sure you check your agreed overpayment limit first, as Early Repayment Charges may be applicable.

How do I make a payment through the Internet Bank?

You can use internet banking to pay off your mortgage with a single mortgage payment. The limit is £100,000, but multiple transfers can be made so long as cleared funds are available. But make sure you check your agreed overpayment limit first, as Early Repayment Charges may be applicable.

Can I make a CHAPS or BACS payment?

To make a CHAPS/BACS payment to your mortgage, you’ll need the following details:

  • Sort code: 07-00-94
  • Account number: 44444445
  • Reference number: Your mortgage account number

How do I change my overpayment preference online?

Just go to the ‘My Mortgage’ section on the Internet Bank and select the ‘Overpayment preference’ option.  It will automatically be set to recalculate your payments when you overpay by £500 or more, to lower your monthly repayments and keep your term the same. This can be changed at any time to reduce your term and keep your payments the same instead.

What if I want to register to bank online?

It only takes 3 easy steps and a few minutes to register for Internet Banking. But, for security, we'll need to send you some details in the post so you won't be able to use it straight away.

Insuring your mortgage and home

If you’re switching your mortgage it's really important to review existing insurance policies to make sure they'll continue to provide sufficient cover.

Think about how you’d keep up repayments if your circumstances changed. For example, if you or anyone else responsible for making payments became ill or died.  You may already have cover in place for this but now's a good time to review your existing arrangements and take into account any change in your mortgage repayments.

You can match the cover provided by all these policies to your mortgage to give you the protection you need. It's important to seek financial advice to help you achieve this, and you can do that by making an appointment with a Nationwide Financial Planning Manager at your local branch or by talking to an independent financial adviser.

Repaying your mortgage

Repayment mortgage (capital and interest)

  • Not only do you pay off your mortgage over a set period of time, you also pay interest on the money you owe, which forms part of your monthly payments.
  • The higher the mortgage rate, the more you’ll pay in interest.
  • The faster you pay off your mortgage, the less interest you’ll pay.
  • If you want to pay more than your monthly mortgage amount, this is called making an overpayment. Your mortgage will come with an overpayment allowance. If you go over your overpayment allowance, you may need to pay a fee. Find out more about overpayments.
  • If you pay off your mortgage before your term ends, you might need to pay an Early Repayment Charge.

Other lenders may offer interest-only mortgages and part and part mortgages, which are a combination of interest-only and capital repayment. We no longer offer either of these payment types.

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.

Interest only mortgage

This means, each month, you only pay the interest on what you've borrowed, which usually means lower monthly payments than a repayment mortgage. At the end of the agreed mortgage term you still owe the full amount initially borrowed, so you have to find a way to pay that back. To do that, you'll need to be paying into an investment pot, such as an endowment policy, ISA, or pension. Or you’ll need to have an alternative repayment plan in place, and be confident you can repay the full loan amount at the end of the term. Nationwide no longer offer interest only mortgages for new customers.

Part and part mortgage

This is a mix of the other two types and you have part of your mortgage on interest only, and part of your mortgage on repayment (capital and interest). Please be aware, you’ll still need a repayment plan in place to pay off the capital part at the end of the term. Nationwide no longer offers this repayment method.

We hope you’ve found this guide useful. If you’d like to speak with one of our mortgage experts, call us on 0800 30 20 10 (Monday to Friday 8am - 8pm and Saturday 9am - 5pm), or visit us in branch.  We’re closed Sundays and bank holidays.