Will my mortgage be affected by the base rate change?

On Thursday 19 March, the Bank of England announced a 0.15% decrease in the base interest rate. This means your current Nationwide mortgage rate and subsequent monthly payments may be affected, depending on the type of mortgage you have. We'll write to you if your mortgage is affected to let you know your new rate and monthly payment. The changes to mortgage rates will apply from 15 April 2020 and payments will change from 1 May 2020.

What type of mortgage do you have?

If you have a fixed rate mortgage

Your rate and monthly payments will remain the same while you are within your deal period. We'll write to you to let you know when your deal period is coming to an end, and what your new payment and interest rate will be.

If you have a Base Mortgage Rate (BMR)

Mortgages reserved:

  • 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

…will decrease to 2.10% (previously 2.25%).

If you have a Standard Mortgage Rate (SMR)

We’ll decrease the Nationwide Standard Mortgage Rate (SMR) to 3.59% (previously 3.74%).

If you have a tracker mortgage

Most of our members will see a decrease by 0.15%, to 0.10% plus the differential you agreed to when you accepted your current mortgage offer (however some accounts that have already reached the minimum interest rate in their offer will not see a decrease).

Contact us

Visit us in branch

If you need to speak to a member of staff, pop into any branch. 

Find a branch near you
Contact us

Give us a call

You can get in touch with us over the phone. We’ve made it easy to find the best number to call.

Call us