When you're considering a new product, you should be aware that some features may be different to those of your current mortgage.
When you reach the end of a fixed or tracker deal, you will automatically move onto either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR), depending on when you reserved your original fixed or tracker deal.
If you reserved your fixed or tracker product through Nationwide on or before 29 April 2009, through Derbyshire on or before 30 May 2009 or through Cheshire on or before the 14 June 2009, you’ll move on to the Nationwide BMR.
If you reserved your product after those dates, you’ll automatically move on to the Nationwide SMR. Both are variable rates which we may vary in accordance with our mortgage terms and conditions. The BMR is guaranteed to be no more then 2% above the Bank of England Base Rate, whilst the SMR has no upper limit or cap.
If you choose to switch from our BMR to a new product, it isn’t possible to switch back to our BMR at a later date.
All mortgages reserved on or before 3rd March 2010 include the option to apply for a payment holiday and borrow back facility. Any mortgages reserved after this date will no longer include these facilities.