Guide to switching your mortgage deal
If you’re an existing Nationwide mortgage customer, switching to a new deal could reduce your monthly payments.
You could also keep your monthly payments the same for a set period of time with a fixed rate deal.
The benefits of switching to a new deal
- Your monthly payments could be lower.
- You can fix your payments for a set period of time with a fixed rate deal.
- Our tracker deals allow you to switch to a different deal at any time without any Early Repayment Charges (ERCs)
You can take our mortgage deals with you if you move – moving to a new home doesn’t have to mean paying an ERC when you port your mortgage
Your existing mortgage features
Your new deal may have different features and overpayment limits to your current deal. Some of our older mortgages came with features such as:
- Borrow back – this allows you to 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 (BMR) is guaranteed not to be more than 2% above the Bank of England base rate.
Your latest mortgage offer will tell you what features your existing mortgage deal has.
What happens if you don't switch?
Once your deal ends, you’ll move onto either our Standard or Base Mortgage Rate, which you can keep until the end of your mortgage term. These rates can go up and down at any time.
What kind of mortgage deal can you switch to?
We have a range of fixed rate and tracker rate mortgage deals.
- With a fixed rate mortgage, your monthly payment stays the same throughout a fixed deal period.
- With a tracker rate mortgage, your monthly payments will track the Bank of England base rate.
Fixed and tracker rate mortgage deal benefits and features
|Interest rate?||Interest rate tracks the Bank of England base rate||Interest rate stays the same each month for the length of the deal|
|Overpayment limit||Unlimited overpayment limit||Overpayment limit is up to 10% of the original balance of your mortgage each year|
|Switching mid-deal||You can switch mid deal||You can switch mid deal, but if there’s more than 3 months left on your deal, there will be an ERC to pay|
|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)|
- Switching your existing deal
- Apply to switch to a new Nationwide deal
- About 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.