Tracker Rate Mortgages
What is a tracker floor?
There is a limit to how low your interest rate can be if you're on a Nationwide tracker mortgage. This limit is called your 'tracker floor'. We set the tracker floor at a certain rate (depending on when you took your mortgage out). If the Bank of England base rate falls below the tracker floor, your interest rate payments will not change until the BoE increases above the tracker floor again.
For further information please see your offer document, or view the table below.
What is your tracker floor?
|Date your tracker was reserved||Tracker floor||Impact of the base rate change on your tracker mortgage|
|Before 1 December 2004||None||We'll write to you to let you know if your mortgage rate and payments are affected.|
|Between 1 December 2004 and 30 November 2008||2.75% on original offer, Currently 2% as a temporary concession until further notice||Your tracker floor is 2.75%, however, due to the temporary concession your floor is currently 2% until further notice. This means that your mortgage rate and payments will not change until the Bank of England base rate rises back above 2%.
Please note: Not all mortgages reserved within this period have a tracker floor. If you're unsure, please refer to your original mortgage offer.
|Between 1 December 2008 and 16 February 2009||1%||Your tracker floor is 1%, this means that your mortgage rate and monthly payments will not change until the Bank of England base rate rises above 1%.|
|Between 17 February 2009 and 11 June 2009||0.01%||We will write to you to let you know if your mortgage rate and payments are affected.
|Since 12 June 2009||0.00%||We will write to you to let you know if your mortgage rate and payments are affected.