The ERCs will be charged at a flat rate and are calculated as follows:
2-year fixed rate and tracker mortgages: 1.5 per cent
3-year fixed rate mortgage: 2.0 per cent
5-year fixed rate mortgage: 3.0 per cent
10-year fixed rate mortgage: 3.0 per cent
Lifetime tracker mortgage: 3.0 per cent (first five years of deal only)
Nationwide levies ERCs if a loan is repaid, or an overpayment of more than £500 is made within the initial fixed or tracker term, or within the first five years of the lifetime tracker.
Nationwide tracker deals now come with the option to switch and fix at any time to a fixed rate mortgage product with the society without incurring an ERC.
