Rate switch

You can switch up to four eligible accounts on NFI Online. The 'Rate Switch Loan Selection' page will show you the loans that you're eligible to switch. This will allow you to switch more than one account at the same time. The rate switch keying guide shows how to do this. If you select the same product for multiple accounts starting on the same date, your client will only pay one fee if applicable. The offer will detail this.

When completing a rate switch on multiple accounts that have different product end dates

We will show the available start dates based on the latest Product Expiry date. The dates provided are from the first month of the three months ERC free waiver period.

Where your client wants to complete a rate switch and apply for additional borrowing (further advance), you'll need to complete two separate applications. Please see the additional borrowing page for more details prior to submitting either application.

It’s not possible to complete a rate switch at the same time as a porting application. You'll need to have completed one process before starting the other.

Porting to complete before a rate switch

Where you have completed a porting application on your client’s mortgage before starting a rate switch application, you’ll need to have made a payment following the port. You need to do this before their rate switch goes live. This can either be a direct debit or a manual payment in the month after completion.

Rate switch completed before porting

Where your client wants to switch one or more parts of their mortgage before processing a porting application, the new rate won't appear on the porting offer until the rate switch has gone live. Your client doesn't need to make a payment before starting the porting application.

You can create a new case for your client without them incurring ERCs if they're likely to complete within the last three months of their current deal.

See our Porting page for more information.

Your client can change their mortgage term or repayment method (e.g. changing from interest only to repayment) by using either our Nationwide.co.uk website or by calling 0345 730 20 10.

These are handled separately from the rate switch process. Either transaction can be completed first, depending on you and your client’s preference.

Your client won’t have to pay an ERC if:

• They're switching a tracker product to a fixed rate product.
• The product is being reserved within three months of the end of the clients existing product term.

For tracker mortgages reserved prior to 2 May 2014: Your client has the option to switch to a fixed rate at any point in the deal period, with no ERC (a product fee may apply).

For tracker mortgages reserved from 2 May 2014: As no ERC applies, your client can switch to a new mortgage deal without incurring a penalty (a product fee may apply). You can do this in NFI Online, following the normal switch process.

To switch a tracker product with an ERC, or to switch a fixed rate product mid-deal, your client must complete this with Nationwide directly and it will be subject to the relevant ERC's. See our customer website for further details.

There is no valuation fee, but there may be a booking/product fee charged when switching, depending on the product your client selects. 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.

The fee is always added to the account once the case uploads. So before the switch actually takes place, if it’s not the next switch date that’s selected, this will change the account balance. Interest is charged from the 1st of January next year. Should a rate switch subsequently be cancelled, the fee and any additional interest charged is removed.

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 0345 730 20 10.

This process is only for Rate Switch cases for existing customers. We're not able to reopen other cases that are cancelled via this process in error.

You can cancel a rate switch on or before the 20th of the month before it's due to start. Where the 20th falls on a weekend or Bank Holiday, we’ll accept cancellation requests on the next working day. We must receive requests to cancel rate switches during our normal business hours.

To cancel a rate switch:

• You can complete our template to send us an email with all the detail we need.

If you can’t use the template, email esupport@nationwide.co.uk

• Use the subject line 'Rate switch cancellation request'
• Copy and paste the headings below into the body of the email as they are formatted here, with the details of your request after the colons. Please don't send these in an attachment

Broker Full Name:

Broker Email Address:

Case number (beginning with M):

Mortgage Account Number:

Applicant Name(s):

Rate Switch Start Date (dd/mm/yyyy):

Reserved Product Code or Product Details:

Whether you use the template or email, avoid using any special characters or symbols after the headings.

You must provide all of the information that’s requested. If any information is incomplete or incorrect, we'll be unable to process your cancellation.

How long it takes to cancel

We aim to complete all cancellation requests within 5 working days.

How long it takes to get a refund

It may take up to 72 hours after the case shows as cancelled in NFI to show against your client’s account. It can be up to a total of 14 days for your client to receive the refund.

Submitting a new rate switch after cancelling the previous case

You can create a new Rate Switch application and proceed to the account selection page. However you will not be able to submit this case until:

• the previous application has been cancelled and
• you receive email confirmation to confirm this

Rate availability

Once you let us know you intend to cancel and resubmit a rate switch, we'll honour the rates available at the time. This is to ensure your customer is not disadvantaged by any rate changes that may occur before the cancellation is complete.

Haven’t submitted the rate switch case you want to cancel?

You can cancel the case through the Case Home screen on NFI Online. Or you can make changes to the details and produce a new offer in the original application.