Rate switch

Your client will still be able to switch their mortgage when on a payment holiday.

If your client already has a mortgage with Nationwide, you can switch on their behalf using NFI Online. Please see below to check they’re eligible to switch and read all the information which may be relevant to the case.


You can request a rate switch on behalf of your client on NFI Online if:

  • Your client is on a Nationwide Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR) product OR
  • Your client is currently on a tracker product and doesn't have an early repayment charge (ERC) OR
  • Your client is within five months of their product expiring.

Also, the following criteria must apply:

  • Your client isn’t amending their existing mortgage term.
  • Your client’s LTV doesn’t exceed 95%. Clients with a loan of over 95% LTV could be eligible to switch their mortgage, but need to contact Nationwide directly.
  • Your client is no more than one month in arrears.
  • If your client has been subject to a Bankruptcy Order or Individual Voluntary Arrangement (IVA), they must have had their bankruptcy or IVA discharged and the trustee confirmed they no longer hold an interest in the mortgage.
  • Your client must have already made their first payment if it’s a new mortgage.
  • The property isn’t let.
  • It’s not your own mortgage.

There is no need for us to complete a new credit search as part of the switcher process as your clients are existing customers.

Switcher dates

Rate switches always take effect from the 1st of the month. Switcher applications must be submitted and accepted by the last submission/acceptance date- see the table below for full details. After this time, the new deal won’t apply until the 1st of the following month.

Rate switch dates table
To complete a switch for Earliest date to select rate to complete switch as maturing* Last submission/acceptance date
September 2020 1 June 2020 10am on 23 August 2020
October 2020 1 July 2020 10am on 25 September 2020
November 2020 1 August 2020 10am on 25 October 2020
December 2020 1 September 2020 10am on 23 November 2020
January 2021 1 October 2020 10am on 26 December 2020
February 2021 1 November 2020 10am on 24 January 2021
March 2021 1 December 2020 10am on 21 February 2021
April 2021 1 January 2020 10am on 26 March 2021

*When completing a rate switch application on NFI Online, you’ll be offered a maximum of three start dates, the earliest being the first of the three months ERC free waiver period. If the preferred start date isn’t showing, you may need to create a new case in the next calendar month.

If your client has a tracker product with no ERC, it can be switched to a fixed rate at any time.

If your client has a fixed or tracker product with an ERC, the rate switch can be applied for up to five months ahead of the current product end date. The earliest the switch can take place is the first month of the three months ERC free waiver period.

Your client will be sent a 'Product Maturity' letter 16 weeks and four weeks before their product ends. They may receive a further letter closer to the product ending if the Bank of England base rate changes and there is an impact on their current product.

If a switch isn't made before the end of your client's current deal, the account will move onto the revert rate detailed in their mortgage offer. If your client is on a BMR or SMR product, it can be switched at any time.

How to submit a rate switch application

Most rate switch offers can be produced on NFI Online. The illustration and offer are produced at the end of the application, before confirming the switch and paying any applicable fees.

Download our step by step rate switch keying guide for more information.

If you client has an overpayment reserve, please note this will not be included in their overall mortgage balance when calculating their Loan to Value (LTV).

If the product LTV being offered isn’t what you expect this could be down to the property valuation, see below on how to appeal the property valuation figure.

If NFI Online doesn’t recognise your clients details when inputting them in, please double check they are correct before contacting us using Broker Chat.

Also, ensure sure you’ve chosen a specific switcher product by using our product finder.

Rate switch applications can’t be submitted via MTE.

How to appeal the property valuation figure

To confirm the valuation figure we currently hold for the property, you can contact us using Broker Chat. If the AVM we have done is lower than expected, you can appeal the valuation figure by using the rate switch valuation appeal form.

Paper applications exceptions

The following rate switch scenarios need to be submitted as paper applications:

  • Where there are more than two applicants on the existing mortgage.
  • Where your client is switching more than four accounts.
  • Where your client is serving in the armed forces with a British Forces Post Office (BFPO) address and their property is currently let.

To request a manual offer for an exception, please complete the rate switch application form and follow the instructions on the form. Once this has been completed by our team, you will need to complete our rate switch offer acceptance form to confirm that your client has accepted the offer.

Your client may be at risk of losing features when switching to a new mortgage product. For more information, please go to the borrow back section.

What happens next?

We’ll send your client an email as soon as the application is received. A letter is then sent to confirm that the application has been submitted, with any fees that your client has chosen to add to the loan added to their mortgage balance. There is nothing further for your client to do and the new product will be switched from the start date chosen during the application process.

When the new product goes live, we will write to your client to confirm their new payment details.

We currently pay procuration fees for new rate switch applications. Visit our Procuration fees page for more details.

Rate switch keying guide

Our keying guide will help support you with submitting a rate switch case.

Rate switch keying guide

A-Z criteria

Search our A-Z criteria to find what you’re looking for.

A-Z criteria

NFI Online

Use NFI Online for new cases, Mortgage Illustrations, DIPs and case tracking.

NFI Online