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FAQs – new customers

Below is a list of questions we are often asked about our mortgage products. We’ve tried to include answers for everything we think you might need to know if you are considering taking out a Bath Building Society mortgage. If you can’t find the answer you’re looking for, please contact the team on 01225 475730 or email mortgages@bibs.co.uk and we’ll be happy to help.

If you are an existing customer, you will find more information about managing your mortgage on our existing customer FAQs page.

Thinking about taking out a Bath Building Society mortgage?
  • What locations do you lend in?

    We lend across the whole of England, Wales & mainland Scotland.

  • What's the maximum you will lend?

    The maximum we lend depends on individual circumstances and the terms of the mortgage product. You can use our mortgage calculator to get an idea of how much you could potentially borrow and how much your monthly payments would be.

  • What costs or fees will I have to pay?

    You will find a list of fees on the individual mortgage product pages. Browse all products.

  • What documentation will be required to take out a mortgage?

    You’ll need to provide:

    • Proof of ID eg. passport or driving licence
    • Three months bank statements

    And either

    • Last three month’s consecutive payslips and latest P60
    • OR last 3 years accounts/SA302 documents if Self Employed.

    Certified copies are acceptable from your Mortgage Broker or Solicitor.

  • What repayment methods are available?

    Capital repayment mortgage

    This is the most popular repayment method. Monthly repayments are made up of the interest you owe and a bit of the money you borrowed. As long as all monthly repayments are paid in full and on time, you will gradually pay off the full mortgage.

    Interest only mortgage

    An interest only mortgage allows you to pay off just the interest on your loan every month. You’ll need to have a repayment plan in place to pay back the amount you borrowed at the end of the term. This could be an endowment policy, ISA, pension or in certain circumstances, sale of property.

  • If I took out a mortgage with you and wanted to move house and take out a new mortgage with the Society, would 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.

  • Do you allow overpayments on your mortgages?

    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.

  • What happens at the end of a discounted or fixed rate period?

    Your rate will revert to our standard variable interest rate for the remainder of the term. However, we’ll contact you four months before this happens to let you know what the new payment is and if you are eligible to switch your mortgage deal if you want to.

    Once you’ve let us know what you want to do, we’ll provide a mortgage offer which will outline the details of your new deal, when it will begin and what you need to do to accept it. Your new deal will not start until your current one comes to an end.

  • Are there any types of property you don't lend on?

    As a niche lender we are very flexible in our approach, and that applies to the properties we lend on too. If you have any questions about a specific property, have a quick chat with our mortgage team who will be happy to advise you.

  • What is Bath Building Society's criteria for accepting Solicitors?

    We will only accept Solicitors who meet the following criteria:

    Any firm of two or more SRA* approved managers/partners will remain acceptable, provided that the firm has CQS* (Conveyancing Quality Scheme) status.
    *n/a in Scotland.

    If the firm does not have CQS status, we will only accept solicitors who meet the following criteria.

    • Must be a practice that has been established for a minimum of 10 years (where there have been mergers we must be satisfied that, where they were firms of a similar size, they both had a 10 year history or where it was more of a takeover that the larger firm meets the 10 year rule)
    • The majority of the partners/SRA approved managers (i.e. greater than 50%) should have been fully qualified Solicitors for a minimum of 5 years.
    • Where the solicitors acting are a branch of a firm that branch should have been established for a minimum of 5 years and the ‘local’ partner must have 5 years’ experience.
    • The firm must have a minimum of 4 partners with an equitable interest whether by way of partnership agreement or, in the case of a limited company, by way of a shareholding.

    Additional information

    • The Society will not use Licensed Conveyancers under any circumstances
    • The Society will only instruct Solicitors who are registered with the Solicitors Regulatory Authority (SRA) and this will be validated by a search of the SRA website.
    • In Scotland, the firm must be a member of the Law Society of Scotland.
    • The Solicitors may not be subject to any disciplinary action from the Solicitors Regulatory Authority or similar.

    For all loans to Limited Companies the Society will instruct its own Solicitors at the cost of the borrower. The only exception is if the company is already a borrower with the Society, in which case we will allow the same solicitor to act for us and the borrower.

  • Where can I get help if I run into financial difficulty?

    However carefully you plan, we know that circumstances can change. If your circumstances change during the term of your mortgage, perhaps because of illness, redundancy or relationship breakdown, it may have an adverse affect on your ability to repay your mortgage. If you do experience difficulties you should contact us as soon as possible. Our team will deal with your request sensitively and positively.

    You can also get help from debt counselling organisations that we recognise, for example the Citizens Advice Bureau, MoneyHelper and StepChange Debt Charity.

  • Contact Us

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

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