Nationwide Remortgage Rates: Member Switch or Move to a New Lender?

Every product in the table carries a free standard valuation and a choice of free standard legal fees or £500 cashback. The £999 fee on the 2-year and 5-year fixes applies to loans up to £299,999, and a £1,499 fee tier for loans of £300,000 or more prices 0.05 points lower in every band. Early repayment charges on the 2-year are 2% in year one and 1% in year two, and on the 5-year they step down from 5% to 4%, 3%, 2% and 1%. Fixed rates allow overpayments of up to 10% a year without a charge. Between the 18 August and 30 September guides the £999 2-year at 60% LTV rose from 4.65% to 5.09% and the 5-year from 4.73% to 5.11%, while the 5-year at 85% to 90% LTV held at 5.40%.

Nationwide also prices 2-year trackers for remortgage, from 4.17% at 60% LTV, its base rate of 3.75% plus 0.42 points, with a £999 fee, or 4.79% fee-free. That is 0.92 points below the equivalent 2-year fix, worth about £131 a month on a £250,000 loan over 25 years, but the rate moves with every Bank of England decision. Nationwide trackers carry no early repayment charge at all, so the tracker is also the least costly Nationwide product to leave. Our fixed or tracker mortgages analysis weighs that gap against the certainty a fix buys.

Nationwide product transfer rates: the member switch range

Nationwide calls its product transfer a rate switch, and its intermediary product guide publishes the member switch range openly. In the guide effective 30 September 2026 the 2-year fix with a £999 fee starts at 4.89% and the 5-year at 4.97% at 60% LTV, against 5.09% and 5.11% for a new borrower remortgaging in.

Nationwide's member switch range from the same guide runs from 4.89% to 5.69% on the 2-year £999 fee fix and from 4.97% to 5.64% on the 5-year, across the same six LTV bands, with fee-free versions from 5.17% and 5.11%. Switch rates sit below the new borrower remortgage rate in every band and fee, except the fee-free 2-year at 90% to 95% LTV, where both are 5.84%. Nationwide says existing members can switch to rates as good as, or better than, those available to new customers remortgaging to it, and the guide bears that out. A member's personalised offer in Mortgage Manager is based on the current balance, so that is the figure to price.

A member with less than four months left on a fixed deal applies online in Mortgage Manager. With more than four months left Nationwide has to speak to the member first and the early repayment charge applies. Members on a tracker, the Standard Mortgage Rate or the Base Mortgage Rate can switch at any time with no charge, there is no affordability check on a switch, and a submitted switch can be cancelled up to the 20th of the month before it starts. Borrowing more at the same time is better handled by phone, because Nationwide warns that applying online for both can cost more. Our product transfer mortgage guide explains when a like-for-like switch beats a full application.

Is a Nationwide switch better than remortgaging elsewhere?

For most existing members the switch range is the price to beat, because it sits below Nationwide's own remortgage table and needs no valuation, legal work or affordability check. Remortgaging elsewhere wins when another lender prices your LTV band lower, when you need to borrow more, or when a new valuation moves you down a band.

The gap is worth real money. On a £250,000 balance over 25 years, the 4.89% 2-year member switch costs about £1,446 a month against £1,475 on the 5.09% new borrower remortgage, around £29 a month or £699 over the two years. On the 5-year at 60% LTV the gap is 0.14 points, about £20 a month or £1,226 over five years. A competing lender has to beat the switch rate, not Nationwide's remortgage table, once fees, legal costs and any cashback are counted on both sides. Our remortgage calculator runs the break-even month for any two deals.

Where moving lender wins is on the LTV bands and on criteria. Nationwide's 2-year £999 member switch steps from 4.89% at 60% LTV to 4.95% at 75% and then to 5.29% at 80%, a jump of 0.34 points and the biggest step in the range. A member just above 75% gains most from a fresh valuation, and a remortgage valuation can place the loan in a lower band than the one the switch is priced on. Our LTV calculator shows which band a current valuation lands in.

To see Nationwide's member switch range and a whole of market remortgage costed side by side on your own balance, call 01202 155992 or contact Mortgage One.

Which Nationwide remortgage deals have the lowest total cost?

At our 6 October 2026 check, the £999 fee 2-year fix beats the fee-free version once the loan passes roughly £190,000 at 60% LTV, and the £999 fee 5-year fix does so from about £141,000. From £300,000 the £1,499 fee tier replaces the £999 tier and beats fee-free on both terms.

The gaps explain it. The fee-free 2-year fix sits 0.37 points above the £999 product at 60% LTV, worth about £33 a month on £150,000, or £787 over the two years, short of the fee. On the 5-year the gap is 0.20 points but the saving runs for five years, which is why the break-even loan is lower. At 75% LTV the 5-year gap narrows to 0.18 points and the break-even rises to about £156,000. For loans of £300,000 or more the choice is the £1,499 tier or fee-free, and at £300,000 the £1,499 2-year at 60% LTV saves about £74 a month, or £1,784 over the fixed period, more than its fee.

A product fee added to the loan rather than paid on completion accrues interest for the whole term, so £999 costs more than £999 by the time the mortgage is cleared. A borrower planning overpayments, and Nationwide allows 10% a year on its fixes, gains more by paying the fee up front where the budget allows. The £500 cashback alternative to free legals also counts in the total, and our remortgaging guide sets out the full cost comparison, including fees, valuation, legals and the early repayment charge on the old deal.

Free legals, £500 cashback and the Nationwide remortgage process

A remortgage to Nationwide comes with a free standard valuation and a choice of free standard legal fees through its panel conveyancer or £500 cashback, paid within a month of completion. Nationwide lends to 95% LTV on a like for like remortgage, to 90% with extra borrowing and to 80% where debts are consolidated.

The free legal work covers a straightforward remortgage of registered land through Nationwide's panel, so a simple case suits the legals, while a borrower who prefers a chosen conveyancer takes the £500 and pays that firm's fee. An upgraded Home Survey Level 2 report is chargeable, from £350 on a property up to £250,000. A mortgage offer stays valid for 180 days and a product reservation for 90 days, after which a new product and fee apply unless an offer has been issued.

Nationwide says a Decision in Principle takes about 20 minutes and does not affect a credit score, with interest only and part and part cases handled by phone. Interest only is available to 75% LTV and part and part to 85%. Extra help with affordability applies on 5 and 10 year fixes for main residences where income is at least £40,000 sole or £70,000 joint. Those limits and the 80% cap on debt consolidation decide whether a capital-raising case belongs with Nationwide or with another lender.

What a lapsed Nationwide deal costs on the 6.49% variable rate

A Nationwide deal left to lapse reverts to the Standard Mortgage Rate of 6.49%. On a £250,000 repayment mortgage over 25 years that is about £1,686 a month against £1,475 on the 5.09% 2-year remortgage fix, a gap of £212 a month, so under five months on the variable rate costs more than a £999 product fee.

That gap is the whole case for acting inside the window. Nationwide contacts members a few months before a deal ends, and there is no early repayment charge on the Standard Mortgage Rate, so a member who has drifted onto it can switch as soon as a new deal is chosen. Members whose mortgage was reserved on or before 29 April 2009 may still sit on the Base Mortgage Rate of 5.75%, capped at 2 points above Bank Rate, and a switch gives up that rate, borrow back and payment holidays for good. Our standard variable rate chart shows where lender reversion rates sit across the market.

If you are weighing a 2-year against a 5-year, Nationwide prices the 5-year below the 2-year with the £999 fee at 75%, 90% and 95% LTV and above it at 60%, 80% and 85%, and our comparison of 2-year and 5-year fixed deals works through the choice on total cost. Our UK mortgage rates today page tracks where the other big lenders sit this week.

Nationwide's guide sets its trackers against a base rate of 3.75%, and the next Bank of England decision is due on 5 November 2026. Fixed pricing moves on swap rates rather than waiting for Bank Rate, and our UK interest rate projection tracks the market-implied path a borrower would remortgage into when a fix ends.

Figures as of 6 October 2026, London.

If your Nationwide deal ends within the next six months and you want the member switch weighed against a move to another lender, call 01202 155992 or contact Mortgage One.

Back to Rate Forecast and Economic Drivers

The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.

FAQs

1. What are Nationwide's current remortgage rates?

At our 6 October 2026 check Nationwide's new borrower remortgage fixed rates ran from 5.09% on the 2-year £999 fee product at 60% LTV to 5.84% on the fee-free 2-year at 90% to 95% LTV, with 5-year fixes from 5.11% to 5.79%. The lowest fixed rate was 5.04% on the £1,499 fee 2-year for loans of £300,000 or more, and the 2-year tracker started at 4.17%.

2. Are Nationwide reducing mortgage rates?

Not on its remortgage range. Between its 18 August and 30 September 2026 product guides the £999 fee 2-year at 60% LTV rose from 4.65% to 5.09% and at 75% LTV from 4.93% to 5.26%. The 5-year at 85% to 90% LTV held at 5.40%, and the 2-year in that band eased from 5.50% to 5.49%.

3. What is the 2 year fixed rate for Nationwide?

For a new borrower remortgaging to Nationwide, the 2-year fix starts at 5.09% at 60% LTV with a £999 fee, or 5.46% fee-free, in the guide effective 30 September 2026. Existing members switching deal start lower, at 4.89% with the £999 fee and 5.17% fee-free at the same LTV.

4. Should I fix for 2 or 5 years with Nationwide?

The rates sit close together, so flexibility usually decides it. With the £999 fee the 5-year is 0.02 points above the 2-year at 60% LTV and 0.03 points below it at 75%. The 5-year carries early repayment charges stepping down from 5% to 1%, against 2% and 1% on the 2-year.

5. When can I remortgage with Nationwide?

An existing member can switch online in Mortgage Manager once a fixed deal has less than four months left. Switching earlier means speaking to Nationwide and paying the early repayment charge. Members on a tracker, the Standard Mortgage Rate or the Base Mortgage Rate can switch at any time with no charge.

6. Can existing Nationwide customers remortgage with Nationwide?

Yes, through a rate switch. Nationwide carries out no affordability check on a switch, and its published member switch range sits below its new borrower remortgage rates in almost every band. Borrowing more at the same time brings in a fuller assessment, and Nationwide suggests calling rather than applying online for that.

7. What happens if I do nothing when my Nationwide deal ends?

Nationwide moves you onto its Standard Mortgage Rate, 6.49% at our 6 October 2026 check. On a £250,000 repayment mortgage over 25 years that is about £212 a month more than the 5.09% 2-year remortgage fix. There is no early repayment charge on the variable rate, so you can leave it as soon as a new deal is arranged.

8. Do I need a broker to remortgage with Nationwide?

No, Nationwide takes switches and remortgage applications directly, but its offer only compares Nationwide with Nationwide. A broker prices the same balance across the whole of market, checks whether the member switch or a remortgage elsewhere costs less over the fixed period, and places the case where it fits. Mortgage One runs that comparison on every Nationwide case before a switch or application is submitted.