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


If you’re mid deal on a fixed rate mortgage, there will be an Early Repayment Charge (ERC) to pay.

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.

Borrow back overpayments

Payment holidays

About Standard and Base Mortgage Rates


If your existing mortgage deal has borrow back, payment holiday or rate guarantee features, you’ll lose them permanently when you switch.

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.

About Standard and Base Mortgage Rates

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

Compare features of fixed and tracker rate mortgage deals from Nationwide.
Tracker Fixed
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)

Related links

Contact us

If you have any questions about switching your mortgage or you’re not sure where to begin, just get in touch and we’ll be happy to help.

Monday to Friday, 8am to 6pm.

Saturday 8:30am to 4pm.

Closed Sundays and bank holidays.


Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage.
Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.