What was announced

On 19 March 2020, the Bank of England announced a 0.15% decrease in the base interest rate. This may affect your Nationwide mortgage rate and monthly payments, depending on the type of mortgage you have.

What to expect

The changes to mortgage rates will apply from 15 April 2020 and payments will change from 1 May 2020.

If your mortgage has been affected, we’ll write to you to let you know your new rate and monthly payment.

You can find the answers to some questions about payments and mortgage features on our mortgages and base rate changes page.

If you have a fixed rate mortgage

Your rate and monthly payments will stay the same while you’re in your mortgage deal period. We'll write to you to tell you when your deal period is ending and what your new interest rate and monthly payment will be.

If you have a Base Mortgage Rate (BMR)

Your interest rate will from 2.25% to 2.10%.

You’ll be on a BMR if your mortgage was reserved through:

  • Nationwide on or before 29 April 2009
  • Derbyshire on or before 30 May 2009, or
  • Cheshire on or before the 14 June 2009.

If you have a Standard Mortgage Rate (SMR)

Our SMR will decrease from 3.74% to 3.59%.

If you have a tracker mortgage

Most of our members will see an decrease by 0.15% to 0.10%, plus the percentage you agreed to when you applied.

However, some accounts have already reached their minimum floor and won't see an decrease until the base rate has passed above the rate set out in their offer.

Related links

Contact us

If you need to speak to someone about your mortgage, call us and we’ll be happy to help.

Monday to Friday, 8am to 8pm.

Saturdays 9am to 5pm.

Closed Sundays and bank holidays.