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FAQs – 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, please contact us via live chat or call the mortgage admin team on 01225 475730.

We will contact you towards the end of your term to discuss the best new deals available for existing customers looking to transfer mortgages.

Managing your mortgage
  • How will the base rate change affect my fixed rate mortgage?

    The Bank of England base rate changed on 16th June 2022 from 1.00% to 1.25%. This change won’t affect your payments at the moment. We’ll get in touch with you towards the end of your fixed rate period to let you know what happens next.

  • How will the base rate change affect my variable rate mortgage?

    The Bank of England base rate changed on 16th June 2022 from 1.00% to 1.25%.

    This means your variable rate mortgage will be changing. You will receive details of any change to your interest rate and mortgage payments by post. If you pay by Direct Debit, we will make the necessary change to your payment once we have notified you. Please do not cancel your Direct Debit. If you have an alternative payment arrangement, you will need to make sure the correct payment is made.

  • 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 team 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.

  • I would like to change the bank account associated with a mortgage, do you have a direct debit form?

    Yes you can download one here.

    Or contact the team who will be happy to send one to you.

  • What can I do if I can't pay my mortgage?

    However carefully you plan, we know that circumstances can change during the term of your mortgage.  Illness, redundancy or relationship breakdown, for example, may have an adverse affect on your ability to repay the mortgage.

    If you do experience difficulties, you should contact us as soon as possible. We will deal with you sympathetically and positively. This Building Society Association Guide gives advice on what to do if you are struggling to keep up with your mortgage payments.

    You can also ask for help from debt counselling organisations. At your request and with your consent, we will liaise with organisations that we recognise, for example the Citizens Advice Bureau, MoneyHelper or StepChange Debt Charity.

  • I have a Bath Building Society interest only mortgage and I'm concerned I won't be able to repay it at the end of the term. What should I do?

    If you have an interest only mortgage, you do need to ensure that you have the means to repay the balance at the end of the term.  If you feel your repayment plan may not be adequate you should review it as soon as possible, to give you time to take action.  If you intend to repay your mortgage from an investment, the first step should be to obtain an up-to-date valuation, and then discuss this with your Independent Financial Adviser (IFA).  If you do not have an IFA, you can find one at unbiased.co.uk.

    If you are planning to repay your mortgage by selling the property and downsizing, you could start by getting an idea of the value of your property, and where you could move to, by checking Zoopla or a similar website.

    Alternatively, if you are retired or close to retirement age, you may be able to convert to a Retirement Interest Only mortgage or consider taking out an Equity Release mortgage to repay your interest only mortgage.  An Equity Release mortgage is a specialist product which we do not offer, so you would need to speak to a Mortgage Broker or IFA about this.

    Other possible options include making overpayments and/or converting your mortgage to a repayment mortgage.  The latter would increase your monthly payments, as you will be paying an amount off your balance each month.  Please contact us if you wish to discuss this.

    We will contact you from time to time to get an update on your plan to repay your interest only mortgage, but don’t wait for our contact before taking steps to ensure you are on track.

    You can get more information about interest only mortgages at Moneyhelper.

  • 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. Contact our mortgage team 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.

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

    The product terms & conditions state whether a product is portable. Most of our products are portable.

    Portable means that if you decide to move home, the terms & conditions of your mortgage can be transferred to the new mortgage on your new home, providing that you complete your new mortgage within six months of the redemption of your existing mortgage.

    If there is an Early Repayment Charge on your existing mortgage, your new mortgage needs to be for at least the same amount as the old one to avoid payment of the charge. If you do borrow less then you will need to pay a proportion of the Early Repayment Charge. You will still need to complete an application form because the mortgage is based on a new property and will be subject to your current status and valuation.

     

     

  • What happens to the interest on my mortgage if I make an early repayment?

    Overpayments of up to 20% of the outstanding amount as of 1st January each year can be made each year for the first three years without incurring a early repayment charge. If overpayments exceed this percentage, the amount above this limit will be treated as part redemption and subject to an early repayment charge. If the overpayment is £500 or more, it will be considered a capital repayment and your monthly repayment will be recalculated immediately.

    If the overpayment is less than £500 the amount of repayment will not be recalculated until the next interest rate change, however the amount of interest charged will be recalculated at the end of the month.

    You can reduce or redeem your mortgage at any time. However, early repayment of all or part of your mortgage can have financial consequences depending on the mortgage product you choose.

     

  • 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 team or if you’d prefer to see someone face-to-face you can make an appointment to pop into our head office.

  • How to complain

    At Bath Building Society we do our best to provide a first-class service. Occasionally, however, things can go wrong. If they do, our staff are here to try and put them right.

    Please read our formal complaints process, or request a copy from our mortgage operations team.

    Should we be unable to resolve your complaint to your satisfaction, you may be able to refer it to the Financial Ombudsman Service (FOS). The FOS was set up by Parliament to resolve individual complaints between consumers and financial service businesses, and is free to consumers. More information can be found on the FOS website – www.financial-ombudsman.org.uk

     

  • Contact Us

    Can’t find what you’re looking for? Contact our mortgage team today for more help and advice.

Borrowing more
  • 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 contact our mortgage team.

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

Coming to the end of your deal?
Having problems paying your mortgage?
  • Difficulties in paying your mortgage?

    However carefully you plan, we know that circumstances can change during the term of your mortgage. Illness, redundancy or relationship breakdown, for example, may have an adverse affect on your ability to repay the mortgage.

    If you do experience difficulties, you should contact us as soon as possible. We will deal with you sympathetically and positively. This Building Society Association Guide gives advice on what to do if you are struggling to keep up with your mortgage payments.

    You can also ask for help from debt counselling organisations. At your request and with your consent, we will liaise with organisations that we recognise, for example the Citizens Advice Bureau, MoneyHelper or StepChange Debt Charity.

  • Contact us

    We will deal with your request sympathetically and confidentially. Talk to our Mortgage Operations team today.

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