Bath Building Society Mortgages

With two branches and six agencies throughout the UK, Bath Building Society might not be one of the biggest members of the Building Society Association, but it is one with a long history, opening initially in 1904. The Society offers a range of financial services, including expert advice, savings accounts, and investments. Here, however, we’re going to take a closer look at the different mortgage products available and why property buyers might want to consider borrowing from Bath Building Society.

About

An entirely independent mutual institution, Bath Building Society may be amongst the smallest of its kind in the UK, but that is no reason to underestimate it. Set up to use Member’s investments in buying property, it has continued going strong with the strategy since 1904. Indeed, since 1980, the Society’s assets have increased nearly thirty-fold, remaining strong through the financial crisis when other, larger building societies crumbled. Bath Building Society is also strongly involved in community events in the area, sponsoring The Bath Fireworks Display, Bath in Bloom, and more.

Products & features

Bath Building Society offers a varied range of mortgages for individuals, including a range of products that can be hard to find elsewhere. Here, we’re going to take a look at some of the mortgages on offer, including some of the more specialized deals.

• Standard residential mortgages: These are standard variable rate mortgages, also including mortgages that are better suited to accommodate those renting a room and unable to raise all the funds they need while doing so, with loans that can cover up to 95% of the property’s value.
• Buy for Uni mortgages: These are mortgages aimed at those in higher education, with the ability to borrow loans up to 100% of the property’s value.
• Parent Assisted Mortgage Scheme: Another no-deposit mortgage, this mortgage is for parents who want to help their child buy a house but without the funding available for a deposit. If a guarantor signs onto the mortgage, more can be borrowed.
• Retirement mortgages: Those on non-standard earnings and credit, like retirement earnings, can have trouble finding mortgages. This product offers up to a 50% loan-to-value ratio, with no penalties for overpayment.
• Shared ownership: Through this kind of mortgage, those who cannot afford a house alone can instead borrow to buy a share of the house, which they get to live in as they do. Once the initial mortgage is paid off, the shared owner has the option to take out a further mortgage to own the property entirely.

A particularly good feature when borrowing from the Bath Building Society is that they look not just at earnings, but also records of paying rent, making them particularly helpful to first-time buyers.

Summary

With a wide range of specialist loans, most of them aiming to make home ownership much more attainable, it’s easy to recommend Bath Building Society for first-time owners. Their rates aren’t the best in the market, but they are competitive, making up for it through a highly diverse range of products.