Changing to and from BMR and SMR rates.
Both 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 a BMR rate to a new mortgage, you won’t be able to switch back to our BMR at a later date
- 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).
Changes to your mortgage features
In addition to a new rate, your new mortgage may have different features from your current mortgage. So if you switch, you might lose features which you currently enjoy, such as payment holiday or borrow back options, which we don't offer on mortgages taken out from 3 March 2010
Switching and borrowing more at the same time
If you're thinking of switching and borrowing more at the same time, it's best to speak to us in branch or call us on 0800 30 20 10. That way, we can make sure you won't pay a higher rate than you need to, or pay too much in product fees. If you do apply online, it could cost you more.