What is switching a mortgage?

When you move from one Nationwide mortgage product to another this is known as switching. Find out if you're eligible to switch, the process of switching your mortgage and what, if any, charges apply.

Am I eligible to switch my mortgage?

You won't be able to switch to a new mortgage product if:

  • you're currently on a payment holiday
  • you're in arrears, or
  • Letting your property (there may be circumstances where switching is allowed. Please call us on 0800 30 20 11 for more information).

Please note that you'll have to have made at least one monthly payment since being on an arrangement or taking a payment holiday before switching to a new product.

How do I switch my mortgage?

You can apply to switch your mortgage on an advised basis or execution only basis (without advice).

Applying with advice from us

If you want to meet one of our Mortgage Consultant to discuss your current and future circumstances, please make an appointment in branch or call us on 0800 30 20 11.  Our Mortgage Consultant will be able to give you advice on a suitable product to meet your needs and give the information you need to make the right choice.

Please read the ‘how to apply section’ to make sure that you have all the relevant information you need before you switch.

Applying on an execution only basis (without advice)

If you’re happy researching and choosing the right rate for you from our product list, then you can switch online without getting advice. The online process will take less time, but you won’t receive the protections an advised mortgage interview conducted with a qualified Mortgage Consultant would bring to you.

Things you need to consider before switching

When you're considering a new product, you should be aware that some features may be different to those of your current mortgage.

Please note:

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.

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