Rate switch FAQs
You can read about the rate switch process on our Existing Nationwide Borrowers page.
This will need to be processed as two separate applications. You can complete the rate switch on behalf of your client. If your client wishes to take additional borrowing, they will need to speak to Nationwide directly. Visit our additional borrowers page for more details.
Either transaction can be completed first, depending on you and your client’s preference.
If your client would like to switch more than four accounts, this will need to be submitted as a paper application. You can read about rate switch exceptions on our Existing Nationwide Borrowers page.
If your client would like to switch but there are more than two applicants on their existing mortgage, this will need to be submitted as a paper application. You can read about rate switch exceptions on our Existing Nationwide Borrowers page.
Rate switches always take effect from the 1st of the month. Switcher applications must be submitted and accepted, at least six working days before this- see the table below for full details. After this time, the new deal won’t apply until the 1st of the following month.
|Direct debit collected||Last submission/acceptance date|
|1st of the month||6 working days before the end of the month|
|2nd of the month||5 working days before the end of the month|
|3rd of the month||4 working days before the end of the month|
|4th - 28th of the month||3 working days before the end of the month|
Your client will need to call 0800 30 20 10 to change their repayment method. This is separate from the rate switch process.
If your client doesn't switch to a new product then their mortgage will continue on the current terms and conditions. Please refer to their original offer for full details.
Your client will be sent a 'Product Maturity' letter 12 weeks and 4 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 prior to the end of your client's current deal, the account will move onto the revert rate detailed in their mortgage offer.
Your client will need to call 0800 30 20 10 to change their mortgage term or repayment method. This is separate from the rate switch process. Either transaction can be completed first, depending on you and your client’s preference.
Your client could be eligible to switch their mortgage with us, but will need to contact Nationwide directly.
You can read about our eligibility on our Existing Nationwide Borrowers page.
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 5 months ahead of the current product end date. The earliest the switch can take place is the first month of the 3 months ERC free waiver period.
If your client is on a BMR or SMR product, it can be switched at any time.
No, as your clients are existing customers, there is no need for us to complete a new credit search as part of the switcher process.
Fees and payment queries
No - we’ll use your client's existing direct debit details to make changes to the payment. If they don’t want us to use the existing direct debit details they can provide us with the new details by calling 0800 30 20 10.
A booking/product fee may be charged, depending on the product your client selects.
There is no valuation fee. An automated valuation will be carried out to provide a current value which will be used to determine which products your clients are eligible for.
There are no legal fees payable for Rate switch applications. However your client may consider taking legal advice, which may incur fees.
If the product/booking fees are paid when the offer is submitted and your clients change their mind prior to completion, we’ll return the fees.
If the product/booking fees have been added to the loan when the offer is accepted, then no money will have been taken.
Once the switch completes, it can’t be cancelled and therefore the fees are non-refundable.
Yes, we currently pay procuration fees for new rate switch applications. Visit our Procuration fees page for more details.
The switch will take effect from the start date chosen during the application process. Any fees that your client has chosen to add to the loan will be added to their mortgage balance and a confirmation letter showing their new monthly payments will be sent directly to your client shortly afterwards.
You can cancel the application through the Case Home screen on NFI Online.
Alternatively, if you would like to change the details of an offer, you can amend the details and produce a new offer in the original application.
You have until 5.00pm on the last working day before the switch is due, to cancel the rate switch application. To cancel the switch, please call our technical support team on 0800 545 3131 and select option 2.