Early Repayment Charges

You may be charged an Early Repayment Charge when you:

• Pay off your mortgage before your current deal ends. For example, by moving to another lender or by paying off a lump sum. Find out more about paying off your mortgage.
• Make an overpayment that takes you over your overpayment allowance. Find out more about overpayments.
• Switch to a new Nationwide product before your deal ends – unless you switch within the last 5 months of your current deal. Find out about more switching.
• Take your mortgage with you to a new property, called porting, and there’s a delay between the sale of your property and the purchase of your new one. However, if you can port to a new property within 180 days of that date, your ERC will be refunded in full. Find out more about porting your mortgage.
• Only take part of your existing mortgage with you to your new property – also known as a partial port. You may be charged an ERC on the part that you don't take with you.

You will not be charged an Early Repayment Charge if you:

• Are on our Standard Mortgage Rate (SMR), Base Mortgage Rate (BMR) or certain Tracker products. Check your latest mortgage offer, or visit our Standard and Base mortgage rate page.
• Are taking all your existing Nationwide mortgage with you to a new property, and completing the sale of your existing property and the purchase of your new property on the same day. Find out information about porting your mortgage.
• Have the option to switch and fix on your current mortgage and are switching to a new Nationwide fixed rate product.
• Are in the final month of your mortgage deal.  You will also be able to make unlimited overpayments during this period.
• Switch to a new Nationwide product, which completes within the last 3 months of your existing deal.

An ERC will also not be charged if your mortgage is paid off due to:

• A critical illness claim in your name.
• Your death or that of your partner or spouse.
• An endowment policy maturing during the benefit period. And being used to pay off your interest only mortgage or the interest only part of your part and part mortgage.
• The death of the last remaining borrower of a Retirement Capital & Interest (RCI), Retirement Interest Only (RIO) or Lifetime Mortgage product.
• The remaining borrower of joint Lifetime Mortgage redeeming the mortgage within 3 years of their partner dying or going into long term care.

If you've been charged an ERC for making an overpayment it will be added to your mortgage.

If the charge is added to your mortgage you’ll be charged interest on it. If you’d prefer to pay it straight away you can either visit us in branch or send us a cheque to:

Nationwide Building Society,
Mortgage Servicing,
King's Park Road,
Moulton Park,
Northampton
NN3 6NW.

In all other instances, for example, switching from your existing Nationwide mortgage deal, you'll need to pay the charge upfront. It can't be added to your mortgage balance.