Will my mortgage be affected by the base rate change?

On 2 August, the Bank of England announced a 0.25% increase in the base 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 current mortgage is affected to let you know your new rate and monthly payment. Changes will come in on 1 September 2018.

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 increase to 2.75% (previously 2.50%)

If you have a Standard Mortgage Rate (SMR)

We'll increase the Nationwide Standard Mortgage Rate (SMR) to 4.24% (previously 3.99%).

If you have a tracker mortgage

Most of our members will see an increase by 0.25% to 0.75% plus the percentage you agreed to when you applied (however some accounts have already reached their minimum floor and won't see an increase until the base rate has passed above the rate set out in their offer).

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