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

  • Am I eligible for a payment deferral on my Bath Building Society mortgage?

    All our borrowers are eligible, if they are experiencing, or expect to experience, payment difficulties due to Coronavirus. This applies whatever type of mortgage you have and irrespective of whether you have any arrears. However, the maximum total length of any combined payment deferrals is normally limited to six months.

  • Will a payment deferral affect my credit rating and/or future borrowing?

    Payment deferrals granted under this scheme are not reported to Credit Reference Agencies. However, we cannot guarantee that it won’t affect future borrowing. For example, a new lender might take it into account if they become aware of it, for example, if you tell them or they identify it from your bank statements.

     

     

  • How long can a payment deferral be for?

    The minimum is one month, although the norm is three months. The maximum single payment deferral is normally limited to three months, although we can allow six months in total, made up of two or more periods.

  • How do I apply for a payment deferral?

    If you are experiencing, or expect to experience, difficulties in making your mortgage payments due to Coronavirus, you should contact us as soon as possible. We will discuss whether a payment deferral is available for you, the impact of a payment deferral and other options which you may wish to consider. The process is quick and simple, but it does take a little while to amend the direct debit, so please do not leave it until the last moment.

  • What is the deadline for applying for a payment deferral?

    The Financial Conduct Authority has announced that payment deferrals, as part of this scheme, must be applied for before 31 March 2021 and must end no later than 31 July 2021. If you need a payment deferral you should contact us as soon as possible; the process is quick and simple, but we do need 4 working days to make an amendment to your direct debit, so please do not leave it to the last moment.

     

  • I’m currently able to make my mortgage payments; should I apply for a payment deferral just in case?

    Payment deferrals may be available if you are experiencing, or expect to experience, difficulties in making your mortgage payments due to Coronavirus. However, if you can make your mortgage payments you should continue to do so as it will cost you less overall. You can request a payment deferral under this scheme at any time up to 31 March 2021.

  • What alternatives are there, other than a payment deferral?

    There are a range of alternatives, depending on your circumstances. You might be able to make reduced payments or convert to Interest only for a period, or perhaps extend the term of the mortgage.

  • My payment deferral is coming to an end. Can I extend it?

    The maximum total length of any combined payment deferrals is normally limited to six months. If you have had less than six months, we should be able to agree to an extension.

  • What will my mortgage repayments be at the end of a payment deferral?

    We will tell you what your repayments will be when you enquire about a payment deferral and when it is coming to an end. For most borrowers, the difference will be small. For example, someone with a mortgage balance of £200,000, with 24 years remaining will see their payments go up by about £34 per month after a six month payment deferral The difference will be greater for larger mortgages or where the mortgage has fewer years left to run.

  • What are my options at the end of a payment deferral?

    We expect most borrowers will spread the missed payments over the remaining years of the mortgage. However, other options may be available, such as:

    • Paying the missed payments over a shorter period, or even in one lump sum.
    • Extend the length of your mortgage. For example, if you have had a six month payment deferral , you might want to add six months on to the end of your mortgage. We should be able to agree to this, but if it means your mortgage will continue into your retirement, we will need to check that is likely to be affordable for you when you retire.
  • What if I’m in arrears?

    Borrowers in arrears are eligible for this scheme in the same way as those not in arrears.

  • Where can I get more help with my finances?

    Free impartial help and advice is available from a number of not-for-profit debt advice sources, such as the Citizens Advice Bureau and the Money Advice Service. If you are self-employed, there are business debt advice providers. Debt advice services can be provided online or over the phone.  Face to face advice might be available, subject to social distancing requirements.

    The Money Advice Service is free and paid for by the Government. It has a range of tools  and online guides which can help – see ‘How to prioritise your debts’ page.

    If you don’t need full debt advice but just want some tips on how best to deal with your finances, the following might help:

    • Work out a budget and stick to it.
    • Decide what are essential expenses and priority debts – these are the items which, for most people, it makes sense to pay before anything else.
    • Contact your creditors to discuss your repayments. A payment deferral might be available for personal loans and credit cards.

    The Financial Conduct Authority (FCA) has published information about dealing with financial difficulties during a pandemic They have also published help on working out a household budget.

    And the Building Society Association website also has a comprehensive question and answer section offering support for mortgage customers during Covid 19

  • Contact Us

    If you are having, or expect to have, difficulties paying your mortgage it's important to contact us 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