Can you switch?

You can switch if:

  • Your current deal is ending - you’re 5 months or less from the end of your Nationwide deal. OR
  • You’re on our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR), OR
  • You’re on a tracker mortgage
  • You're mid-deal on a fixed rate mortgage - but not online, you'll need to give us a call or go into branch as there'll be an Early Repayment Charge (ERC) to pay.

And:

  • There’s at least £1,000 left on the total mortgage accounts you want to switch.
  • You have 2 or more years left on your mortgage term.

You can't switch if:

Why Switch?

The benefits of switching to a new deal

  • Your monthly payments could be lower.
  • 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 (Porting) so a new home wouldn’t have to mean an Early Repayment Charge (ERC).

Things to think about before you switch:

  • You may want to switch when you’re mid-deal so there will be an Early Repayment Charge (ERC) to pay.
  • The new product you switch to may have different features and overpayment limits to your current product.

Your mortgage features

Some of our older mortgages came with features such as:

  • Borrow Back – allows you to borrow back any overpayments you’ve made.
  • Payment Holidays – allows you 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.

If your mortgage has any of the above features you’ll lose them permanently when you switch.

More about Borrow back, Payment holiday and BMR/SMR

Your overpayment reserve

You can choose to keep some or all of your overpayment reserve when you switch. If you reduce your overpayment reserve by any amount, you won’t be able to use this amount to underpay after you switch but your Loan To Value (LTV) will be lower. You could get a lower rate if you move to a lower LTV band. If you choose to keep your overpayment reserve, you’ll still be able to use it to underpay after you switch, but your LTV will be higher. Your rate may be higher if you move to a higher LTV band.

What happens if you don't switch

  • Once your deal ends you’ll move onto either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR), which you are free to stay on until the end of your mortgage term if you want to. Just bear in mind that the rate can go up and down at any time.

Choosing the right type of mortgage deal for you

Type of mortgage deal

We have a range of fixed rate and tracker rate mortgage deals.

Fixed Rate Mortgages - Your monthly payments stays the same throughout a fixed deal.

Tracker rate Mortgages - Your monthly payments will track the Bank of England base rate.

Tracker Fixed
What happens with my Interest rate? It tracks the Bank of England base rate Stays the same each month for the length of the deal
What’s the Overpayment limit? Unlimited Up to 10% of the original balance of your mortgage each year
Can I Switch mid-deal? Yes Yes. If there’s more than 3 months left on your deal, there will be an ERC to pay
Can I take my mortgage with me when I move home? Yes Yes
What happens when my new deal ends? Reverts to our variable, Standard Mortgage Rate (SMR) Reverts to our variable, Standard Mortgage Rate (SMR)

Ways to apply

You can choose to apply with or without advice

When you apply to switch with advice one of our Mortgage Consultants can help you choose a suitable product. You can choose to apply without advice, but you’ll be responsible for your deal choice and any impact it may have.

Note: If you want to borrow more and switch on the same day - It's important that you give us a call on 0800 30 20 10 or visit us in branch. If you apply online you could end up paying more than you need to.

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.