Tracker rates reintroduced

From Wednesday 25 March 2020, we'll be reintroducing our 2 year tracker rates. 

The below rates are based on Bank of England Base Rate at 0.25%. As of 1 April 2020, this will be reduced to 0.10% therefore reducing the initial rate payable. A new product guide will be uploaded on 1 April.

2 year first time buyer tracker rates:

  • 0 - 60% LTV  from 1.64% with £999 fee and from 1.94% with no fee
  • 60.01 - 75% LTV  from 1.64% with £999 fee and from 2.04% with no fee
  • 75.01 - 80% LTV  from 1.74% with £999 fee and from 2.19% with no fee
  • 80.01 - 85% LTV  from 1.84% with £999 fee and from 2.19% with no fee
  • 85.01 - 90% LTV  from 1.99% with £999 fee and from 2.39% with no fee
  • 90.01 - 95% LTV  from 3.24% with £999 fee and from 3.34% with no fee

Shared Equity 2 year tracker rates:

  • 0 - 60% LTV  from 1.69% with £999 fee and from 2.09% with no fee
  • 60.01 - 75% LTV  from 1.69% with £999 fee and from 2.09% with no fee
  • 75.01 - 80% LTV  from 2.09% with £999 fee and from 2.49% with no fee

2 year rate switch tracker rates:

  • 0 - 60% LTV  from 1.24% with £999 fee and from 1.64% with no fee
  • 60.01 - 75% LTV  from 1.49% with £999 fee and from 1.94% with no fee
  • 75.01 - 80% LTV  from 1.74% with £999 fee and from 2.19% with no fee
  • 80.01 - 85% LTV  from 1.74% with £999 fee and from 2.19% with no fee
  • 85.01 - 90% LTV  from 1.94% with £999 fee and from 2.34% with no fee
  • 90.01 - 95% LTV  from 2.89% with £999 fee and from 3.29% with no fee

2 year remortgage tracker rates:

  • 0 - 60% LTV  from 1.44% with £999 fee and from 1.84% with no fee
  • 60.01 - 75% LTV  from 1.49% with £999 fee and from 2.04% with no fee
  • 75.01 - 80% LTV  from 1.89% with £999 fee and from 2.29% with no fee
  • 80.01 - 85% LTV  from 1.89% with £999 fee and from 2.29% with no fee
  • 85.01 - 90% LTV  from 2.04% with £999 fee and from 2.44% with no fee

Please note new products may not show on sourcing systems immediately.

Download our latest product guide

Changes to selected variable rate mortgages

On Thursday 19 March, the Bank of England decreased the base rate from 0.25% to 0.10%.

Here's how this affects our mortgage rates:

Existing members

Base Mortgage Rate (BMR)

The BMR (for mortgages reserved through Nationwide on or before 29 April 2009, through Derbyshire on or before 30 May 2009 or through Cheshire on or before 14 June 2009) will decrease to 2.10% (previously 2.25%) from 15 April 2020 and payments will change from 1 May 2020.

Standard Mortgage Rate (SMR)

Members who are on the SMR will see a decrease to their rate to 3.59% (previously 3.74%) from 15 April 2020 and payments will change from 1 May 2020.

Tracker rate mortgages

Members with an existing tracker rate mortgage will receive the full 0.15%* decrease from 15 April 2020 and payments will change from 1 May 2020.

New and pipeline applications

All Mortgage Illustrations and Offer documents will reflect the new rates of trackers and reference to BMR and SMR from 1 April 2020.

We'll write to anyone on a tracker rate or BMR account in April confirming their new rate and mortgage payment amount. Those on SMR will also receive a letter in April.

Getting in touch

We anticipate high call volumes in our contact centres, so for case updates, please login to NFI Online.

*If your client is currently on a Nationwide tracker rate mortgage, in most cases their rate and payments will reduce by the full amount of the base rate decrease. If their rate and payments are changing, we'll write to them and let them know.

If their tracker has a floor, it means that when the Bank of England base rate falls below a certain level their tracker rate won't reduce. Their rate will stay the same until the base rate increases above that level. They can check if they have a tracker floor on their mortgage offer.