Remortgaging From Nationwide

Why Do People Remortgage From Nationwide?

Most Nationwide borrowers remortgage because their initial deal has come to an end. When a fixed or tracker rate expires, your mortgage typically reverts to Nationwide's standard variable rate, which is considerably higher than the deals available on the market.

Other common reasons include:

• Releasing equity for home improvements or other purposes
• Consolidating debts into a single, more manageable payment
• Reducing monthly costs by switching to a more competitive rate
• Changing mortgage type, for example moving from a variable rate to a fixed rate for payment certainty

Because Nationwide also owns Virgin Money and The Mortgage Works, borrowers with those brands may also want to compare wider market options when their deals expire.

Nationwide's SVR and Current Rates

Nationwide's standard variable rate currently sits at around 6.99%. While this is slightly lower than some other lenders' SVRs, it is still substantially higher than the fixed and tracker deals available across the market.

For example, on a mortgage of £200,000, the difference between Nationwide's SVR and a competitive fixed rate could amount to several hundred pounds each month. Over a year, that adds up to a significant sum that could be better used elsewhere.

Nationwide does offer product transfers to existing customers, allowing you to switch to a new deal without a full remortgage. However, it is always worth comparing their retention offers against what the wider market has to offer, as you may find a better rate elsewhere.

How to Remortgage From Nationwide

Remortgaging away from Nationwide follows a straightforward process:

• Check your current deal — find out when your existing rate ends and whether any early repayment charges apply
• Get a valuation of your property — knowing your home's current value helps determine your loan-to-value ratio, which affects the rates available to you
• Compare deals — look across the whole market, not just Nationwide's product transfer options
• Apply with your chosen lender — the new lender will handle the process of paying off your Nationwide mortgage
• Complete the switch — a solicitor will manage the legal transfer, and your new mortgage replaces the old one

You can typically start the remortgage process up to six months before your current deal ends, locking in a rate without triggering early repayment charges.

Things to Check Before Switching From Nationwide

Before committing to a remortgage, there are several important factors to consider:

• Early repayment charges — if you are still within your initial deal period, leaving early could mean paying a penalty, sometimes thousands of pounds
• Exit fees — Nationwide may charge an administration fee when you close your mortgage account
• Cashback or incentives — some new lenders offer cashback or free legal work, which can offset the costs of switching
• Your credit profile — ensure your credit record is in good shape before applying, as this affects the rates you will be offered
• Membership benefits — as a building society, Nationwide sometimes offers preferential rates to existing members, so check whether staying put genuinely offers better value

Why Using a Broker Helps When Leaving Nationwide

A mortgage broker can search across the entire market to find deals you might not discover on your own. While Nationwide offers product transfers directly, a broker can compare those against hundreds of other options to ensure you are getting the best possible rate.

Brokers also handle the paperwork and liaise with solicitors, making the process far less stressful. Many brokers do not charge a fee, earning their commission from the lender instead, so there is often no direct cost to you.

If your circumstances have changed since you took out your Nationwide mortgage — for example, if you have become self-employed or your income has altered — a broker can identify lenders whose criteria best suit your current situation.