FAQs for existing customers

FAQs for existing customers

Please have a look at our frequently asked questions for help and support for existing Bath Building Society customers. We recognise that over the lifetime of a mortgage, your circumstances will probably change. If you need advice or would like to make changes to your mortgage, we can help. If you can't find the answer you're looking for below, call our team on 01225 475730 or email mortgages@bibs.co.uk

  • Covid-19 Update

    You can read about our existing mortgage payment holiday policy under the 'manage your mortgage' tab.  However, we recognise these are unprecedented and difficult times. If you believe you have been impacted by Coronavirus and may have trouble meeting your monthly payments, please contact us as soon as possible to discuss if a payment holiday is a suitable option for you.  

  • Will I be eligible for a payment holiday?

    All borrowers are eligible for a payment holiday on the mortgage secured on their home. However, there a number of options available and a payment holiday isn’t always the most suitable solution for everyone. If you contact us, we can tailor the best option for you.

    If you are a Buy-to-Let landlord, a payment holiday will be available if your tenants have lost income because of the impact of coronavirus.

  • How do I apply for a payment holiday?

    If you are concerned about making your mortgage payments during this time you should contact us as soon as possible. You don’t need to fill out an application form; you will just need to confirm that your income has been either directly or indirectly impacted by coronavirus. We will not need proof of this.

    If you are a Buy-to-Let landlord, you will need to confirm that your tenant’s income has been impacted by COVID-19. We will not need proof of this. The Government has stated that landlords who are granted a payment holiday should pass on this relief to their tenants to ensure that they are supported during this time.

    Towards the end of the payment holiday we will contact you to assess your circumstances and agree a manageable way for you repay the interest and make up the missed payments.

  • How long will it take to process my payment holiday?

    We will process it as soon as possible. Our mortgage collections normally take place at the very end of each month We will aim to process any payment holiday requests received by the 25th of each month in time to change the collection at the end of that month. However, the spread of coronavirus is also having an impact on our own staff so this cannot be guaranteed.

  • What if I’m already in arrears?

    If you are concerned about the impact coronavirus will have on your income, then you should contact us as soon as possible. They will review any changes to your circumstances to ensure that your payments remain sustainable. We will make every effort to support people already in financial difficulty, while ensuring the mortgage remains sustainable.

    All mortgage lenders have agreed to a three month moratorium, from 19 March 2020, on residential and buy-to-let possession action, meaning that no homes will be repossessed at this difficult time.

     

  • What if I don't own my property but rent instead?

    You should contact your landlord or managing agent if you have problems paying your rent. If you are a landlord and your tenants are unable to pay their rent you should contact us as soon as possible to discuss the options that may be open to you.

  • But lenders are only offering a short-term measure – what about customers who may be likely to need support longer term or help to recover to their previous position after the payment holiday expires?

    While the payment holiday is in effect, the capital sum of the loan remains unchanged, while the interest that would have been paid in the period accrues. At the end of the payment holiday period, the normal rules about your mortgage will apply. If we agree an arrangement with you (whether it be a payment holiday, reduced payment etc) we will get in touch with you later to assess your circumstances, including income and expenditure, and come to an arrangement with you to enable recovery through the full repayment of the arrears. If you continue to be in financial difficulty, we will aim to come to an arrangement to help you get back into a sustainable position on your mortgage. Any arrangement will aim to minimise the risk of possession.

  • How do ‘payment holidays’ work?

    The monthly payment changes to zero for a period. The unpaid interest continues to accrue, meaning that the amount you owe will increase. You will still need to make up these repayments in the future, which could be over the remaining term of the mortgage.

     

  • How will a payment holiday on my Bath Building Society mortgage affect my credit rating?

    All UK credit reference agencies have confirmed that any agreed payment holiday will not affect a borrower’s credit file.  Your credit status for your Bath Building Society mortgage will be frozen as it is at the start of the agreed payment holiday.  Further information can be found here.

     

  • Contact Us

    Can't find what you're looking for? The Building Society Association (BSA) and National Debtlines have created this high level guide for customers who can't pay their mortgage. 

    It's important to contact your lender as soon as possible.  Please contact our mortgage team today for more help and advice. You can use Live Chat, call us on 01225 475719 or email: mortgageadmin@bibs.co.uk

  • How can I find out how much I owe?

    We send out annual mortgage statements at the beginning of the calendar year. However, if you need to request a copy please contact our mortgage admin team on 01225 475719 and we will send a copy free of charge.

  • Can I make overpayments?

    Most mortgages now offer you the option of making overpayments. Making overpayments can help you repay your mortgage before the end of the term, which will save you money on interest. While you are in a preferential rate period, we allow you to pay up to 20% of the balance outstanding as at 1st January, each calendar year without incurring an early repayment charge. When your preferential rate period expires, you would be able to make any additional overpayments or even pay off your mortgage in full without incurring an early repayment charge. 

  • Can I take a mortgage payment holiday?

    A 12-month Capital Repayment holiday may be available for certain mortgages. During this period, you will still have to make monthly repayments in respect of the interest due. You will need to check your mortgage conditions to see if your mortgage allows this, or contact us to see if you are eligible. Before we make a decision about whether to allow a Capital Repayment holiday, we will need to consider your circumstances and the reason for the request. To be considered for this feature, you must have made your first 6 months repayments and all previous repayments must have been made on time and in full. Capital Repayment holidays will be considered for the following life events; Parental Leave, redundancy/unemployment, long term sickness or death of a joint borrower. It is important that you understand that after taking a Capital Repayment holiday, your monthly repayments will increase. The amount of capital that was not repaid during the period will be spread across your remaining mortgage term and your repayments increased accordingly. You can apply for a maximum of 12 months Capital Repayment holiday once during the life of the mortgage.

  • Can I change the repayment method on my mortgage?

    This may be possible subject to certain criteria. Talk to our mortgage advisors on 01225 475730 or email mortgageadmin@bibs.co.uk for professional advice.

  • How can I change the correspondence address on my mortgage account?

    To change the correspondence address we hold for your mortgage account we will require either: 

    • A request for this change in writing with a signature matching what we hold on file, or
    • A phone call from the borrower, answering a series of security questions

    When there’s joint borrowers we will need confirmation from all parties.

     

  • Can I remove or add a person on my mortgage account?

    If you need to remove or add a name to your mortgage you'll need to contact our mortgage team on 01225 475730.

  • If I move house and take out a new mortgage with the Society, do I have to pay the Early Repayment Charge?

    If you move house you may be able to transfer your current mortgage to your new house subject to meeting the Society's lending criteria. This is called 'porting' and will be shown in your product specification sheet and in your Mortgage Offer Conditions.

  • What do I do when a mortgage account holder dies?

    When someone dies the administration can be overwhelming. If you are dealing with a Bath Building Society mortgage, we will do all we can to make the process as simple as possible for you. Call the mortgage admin team on 01225 475719 or email mortgageadmin@bibs.co.uk.  If you'd prefer to see someone face-to-face you can make an appointment to pop into our head office.

  • Contact Us

    Can't find what you're looking for? Contact our mortgage team today for more help and advice. You can use live chat, call us on 01225 475719 or email us: mortgageadmin@bibs.co.uk

     

  • What can I do if I'm thinking about borrowing more on my mortgage?

    If you already have a mortgage with us and you want to borrow more funds, you could be eligible to apply for additional borrowing. This is called a 'further advance', and it's a way of borrowing against the value of your home. The easiest way to check if you qualify for a further advance on your mortgage with Bath Building Society is to call our mortgage team on 01225 475730 or email: mortgageadmin@bibs.co.uk

    It is important that you are aware that any additional borrowing will be secured against your property and your mortgage balance will increase. 

  • What is my Loan To Value?

    Loan To Value (LTV) is a ratio between the size of the loan you would like, against the value or sale price of the property you wish to re-mortgage or purchase. Generally the lower your LTV, the lower your interest rate is likely to be.

    When applying for additional borrowing you need to consider your outstanding balance on your existing mortgage as well as the amount you are looking to borrow in addition. It is the total of these two that will be used to decide your loan to value for any further borrowing.

    The value of your property may have changed over time and we may need to update the valuation in some circumstances.

    If the loan exceeds a certain percentage of your property value you may need to pay a higher lending charge.

  • Is there a minimum amount I can borrow?

    The minimum amount of an additional borrowing loan that we will consider is £5,000.

  • Contact Us

    Can't find what you're looking for? Contact our mortgage team today for more help and advice. You can use live chat, call us on 01225 475719 or email us: mortgageadmin@bibs.co.uk

  • What happens at the end of my discounted or fixed rate mortgage?

    Your rate will revert to our standard variable interest rate for the remainder of the term. However, we'll write to you about 12 weeks before your current deal expires to let you know what your new payment is.  At Bath Building Society we like to reward our loyal customers, so if you are eligible you may be able to transfer to a different 'fee free' mortgage product, subject to your current loan to value and payment history. 

     

  • Contact Us

    Can't find what you're looking for? Contact our mortgage team today for more help and advice. You can use Live Chat, call us on 01225 475719 or email us: mortgageadmin@bibs.co.uk

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