Guide to switching your mortgage deal
If you’re thinking of switching, our guide explains when and how you can switch, if an Early Repayment Charge might apply, and the types of deal we offer.
And find out how you can cancel if you apply to switch but change your mind.
You can also always speak to us for some free advice. Our mortgage advisers can tell you if you’re eligible to switch and help you choose a deal that’s right for you.
What's on this page
How and when you can switch
The ways you can switch depend on what deal you're on at the moment and how long it has left.
Fixed rate deals
You can apply to switch at any time if you're on a fixed rate deal.
But if you have more than 6 months left on your deal, we'll need to speak with you first. An Early Repayment Charge will apply, and we need to take the payment over the phone or by video call.
One of our mortgage advisers can also talk through your needs to make sure switching early is right for you and recommend the right deal.
If you have less than 6 months left, you can apply to switch online now using our Mortgage Manager. Or you can make an appointment with us for free advice.
Tracker deals, the Standard Mortgage Rate (SMR) or the Base Mortgage Rate (BMR)
If you're on a tracker deal, the SMR or the BMR, you can apply to switch at any time without paying an Early Repayment Charge.
You can apply online now using our Mortgage Manager, or by making an appointment with us for free advice if you'd prefer some help.
Mortgages for over 55s
If you're on a Retirement Interest Only mortgage or a Retirement Capital and Interest mortgage, you’ll need to apply by phone or video call. One of our mortgage advisers can also talk through your options and recommend the right deal for your needs.
Check deals and switch online, or get advice
Log in to Mortgage Manager to browse the deals available to you and, if you're eligible, apply to switch.
If you can't switch online, or you'd like to talk through your options, get in touch with us for free advice.
If you want to switch and borrow more at the same time, you could end up paying more if you apply online.
Please call us for advice and see if you could save money.
Losing features when you switch
Your new mortgage deal might have different features and overpayment limits to your current deal.
For example, the deals we currently offer no longer have these features:
- Borrow back - you can borrow back any overpayments you've made.
- Payment holidays - you can apply to take a break from paying your mortgage.
- 2% guarantee - our Base Mortgage Rate is guaranteed not to be more than 2% above the Bank of England base rate.
If you have these features on your current deal – or any others that we no longer offer - you'll lose them permanently when you switch.
Make sure you check the features of your new deal carefully.
Your latest mortgage offer will tell you what features your current deal has. Or you can check by logging in to Mortgage Manager.
What happens if you don't switch
If you don't switch to a new deal before your current one ends, you'll move on to either our Standard Mortgage Rate (SMR) or Base Mortgage Rate (BMR).
We'll contact you a few months before your deal ends to remind you. So you'll have plenty of time to choose a new deal before this happens.
You can stay on the SMR or BMR until the end of your mortgage term or you can apply to switch to a new deal at any time.
Types of deal you can switch to
All our mortgage deals are either fixed rate or tracker rate.
A fixed rate mortgage is where your interest rate stays the same for the length of the deal. So if the Bank of England changes its base rate - up or down - your rate won't change.
With a tracker mortgage, your interest rate will always be a certain percentage above the Bank of England base rate. It means as the base rate changes up or down, so will your interest rate and monthly payments.
Fixed and tracker rate mortgage comparison
This table shows the key features of our fixed and tracker rate deals to help you compare.
If you can't view the whole table, swipe or scroll to show more > > >
|Interest rate||Interest rate stays the same each month for the length of the deal||Interest rate will always be a certain percentage above the Bank of England base rate|
|Overpayment limit||Overpayment limit is up to 10% of the original balance of your mortgage each year||Unlimited overpayment limit|
|Switching mid deal||
You can usually switch mid deal. But if your new deal will start more than 6 months before your current deal is due to end, you'll need to pay an Early Repayment Charge.
|You can switch mid deal|
|Moving home||You can take your mortgage with you when you move home||You can take your mortgage with you when you move home|
|End of deal period||At the end of your deal, you will revert to our variable Standard Mortgage Rate (SMR)||At the end of your deal, you will revert to our variable Standard Mortgage Rate (SMR)|
Cancelling your switch
If you change your mind after applying to switch, you might be able to cancel it.
To switch to a different deal from the one you apply for before it takes effect, you'll need to cancel the original switch first and apply again.
When you cancel a switch, you need to wait up to 5 working days before you can apply again. Depending on when you cancel, that might mean there won’t be enough time for you to apply for another deal to start from the following month.
If that happens, you could be moved on to the Standard Mortgage Rate or Base Mortgage Rate until a new deal takes effect.
When you can cancel your switch
If you want to cancel, you need to do this on or before the 20th of the month before your new deal is due to start.
For example: if your start date is 1 August, you have up to 20 July to tell us you want to cancel.
If the 20th is a Saturday, Sunday or bank holiday, you also have the next working day after that to tell us.
This also means you won't be able to cancel if you applied to switch after the 20th for a deal that starts the following month.
If it's too late to cancel your switch
If it's too late to cancel but you still want to leave your deal, you can either:
- wait for your new deal to start and then switch again, or
- repay your mortgage before the switch happens.
Bear in mind that either way there might be an Early Repayment Charge (ERC) to pay. You can find out more and what your ERC will be in the offer document we sent to you when you applied.
Refund of fees
If you cancel your switch, we'll refund any fees you paid or added to your loan during the application. You should receive your refund between 7 and 10 days after you tell us you want to cancel.
You won't get a refund if you leave your new deal after it starts.
How to cancel your switch
To cancel your switch, call us on 0345 609 25 30 (Monday to Friday, 8am to 6pm. Saturday 8:30am to 4pm. Closed Sundays and bank holidays).
We'll ask for your mortgage account number, so please have it ready. You can find it on the offer document we sent to you when you applied to switch.
You might have to wait up to 5 working days before you can apply again.
- Switching your existing deal
- Apply to switch to a new Nationwide deal
- Making overpayments
- Underpaying your mortgage
Monday to Friday, 8am to 6pm.
Saturday 8:30am to 4pm.
Closed Sundays and bank holidays.
Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.