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Does Bath Building Society Do Equity Release in 2024?

Bath Building Society doesn’t offer equity release, they stand as a distinguished entity in the UK's financial landscape, primarily catering to the unique savings, mortgage, and investment needs of individuals. With a rich heritage and a commitment to personalized service, the society offers an array of products designed to secure and enhance the financial well-being of its members.

• Last Updated: 03 Apr 2024
• Fact Checked
Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Written By

Katherine Read

Written by
Katherine Read

Financial & Consumer Affairs Writer

Specializing in equity release, reverse mortgages, home reversion plans, and lifetime mortgages, Kath offers an exceptional depth of knowledge in leveraging property wealth for retirees.

Her expertise extends to writing on home equity loans, retirement income planning, and property equity management, making her a sought-after voice for seniors looking to optimize their financial resources in retirement.

Katherine's insightful articles often delve into the nuances of secured lending, property capital utilization, and intergenerational wealth transfer, offering valuable perspectives for both consumers and professionals.

She has been an integral member of the Every Investor team since 2019, utilising her skillset to edit, update and manage the equity release plans showcased on the website.

Edited By

Rachel Wait

Edited by
Rachel Wait

Freelance Personal Finance Journalist & Editor

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs.

She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.

She simplifies complex retirement finance topics, particularly in equity release, reverse mortgages and lifetime mortgages. Her work emphasizes ethical practices and consumer education, striving for transparency in the UK's equity release sector.

Reviewed By

Paul Sawyer

Reviewed By: Paul Sawyer

Reviewed by
Paul Sawyer

External Compliance Expert

Paul is currently the Director of Alpha Capital Compliance Limited. A compliance company offering a no-nonsense approach to financial compliance.

A seasoned compliance expert, excels in equity release regulations. His proficiency spans lifetime mortgages, home reversion, and property capital release. With a deep understanding of legal frameworks and ethical standards, Paul ensures seamless, consumer-centric operations in the UK's equity release sector.

Contributors:

Francis Hui

Author
Francis Hui

Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis.

Francis, with his extensive background in diverse senior positions within the financial sector, is a consummate expert in guiding UK individuals through the intricacies of equity release, financial planning, and risk assessment.

His profound understanding of equity release options, including reverse mortgages and lifetime mortgages, coupled with his exceptional statistical acumen, positions him ideally to assist in elevating your financial strategy, especially in navigating the complex landscape of property wealth utilization and retirement planning.

Does Bath Building Society Offer Equity Release in 2024? Find Out What Services It Offers and if It Can Help You Get Extra Funds in Retirement. Read On...

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It is not unusual to be concerned about the safety of your finances in your retirement years.

It is natural to want to work with one of the best building societies that boasts more than 100 years of experience, but does Bath Building Society also operate as an equity release specialist?

Our team of equity release experts has reviewed hundreds of schemes to present you with viable options to consider.

Therefore:

NOTE: Every Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Bath Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Bath Building Society.

What Can Bath Building Society Offer You?

Bath Building Society provides tailored financial services and tools, including mortgages and savings accounts, to meet individual needs.

What Services and Support Does Bath Building Society Offer?

Bath Building Society offers a comprehensive range of services and dedicated support to meet diverse financial needs.

Who Is Bath Building Society and What Services Do They Offer?

Bath Building Society is a building society that is based in England. 

It specialises in offering mortgages and other financial services to its members.

Founded in 1904 as a Friendly Society, it became Bath Building Society in the 1950s.¹

Bath Building Society is a member of the Building Societies Association.²

What Range of Services Does Bath Building Society Provide?

Bath Building Society offers the following services:

• Mortgages
• Personal savings services
• Business, professional, and charity accounts
• Mortgages for intermediaries

How Does Bath Building Society Support Intermediaries?

Bath Building Society plays a pivotal role in offering bespoke support to intermediaries, providing them with tailored services that cater to their unique needs.

The society facilitates a streamlined process for intermediaries, offering dedicated points of contact, access to specialized mortgage products, and efficient information exchange.

Their intermediary support extends to offering training, market insights, and updates on regulatory changes, ensuring that intermediaries are well-equipped to serve their clients effectively.

This partnership approach underscores Bath Building Society’s commitment to fostering strong relationships within the financial community, enhancing the overall service delivery to end-users.

What Online Services Does Bath Building Society Offer?

In the digital age, Bath Building Society has embraced technology to provide a comprehensive suite of online services.

Members can access various functionalities, including online banking, mortgage and savings account management, and loan applications.

The society’s website also features a mortgage calculator, providing users with a tool to estimate monthly repayments and interest rates.

Additionally, the online platform offers resources such as financial advice, market insights, and product information, ensuring that members have 24/7 access to essential services and information.

How Does Equity Release Work?

Equity release is a financial avenue for those aged 55 and over, offering a way to tap into the wealth locked in your home.

It provides a means to supplement income or fund retirement, without the need to relocate or downsize.

The two primary forms of equity release are lifetime mortgages and home reversion schemes.

Lifetime mortgages involve borrowing against your home’s value, with interest rolling up over time, as a form of equity release financing.

This loan and interest are typically repaid from your estate when you die or enter long-term care.

Home reversion plans, alternatively, involve selling a share of your home in exchange for a cash lump sum or regular payments, whilst still living there, offering another avenue for equity release financing.

Does Bath Building Society Provide Equity Release and Lifetime Mortgages?

No, Bath Building Society does not offer equity release.

However, it does offer retirement mortgages for your senior years.

What Are the Alternatives to Bath Building Society’s Equity Release?

Bath Building Society’s equity release alternatives include retirement interest-only mortgages.

What Financial Opportunities and Tools Does Bath Building Society Provide?

The society offers diverse investment opportunities and practical tools, like mortgage calculators, to empower members’ financial decisions.

What Investment Opportunities Does Bath Building Society Provide?

Bath Building Society offers a range of investment opportunities, catering to varying investor profiles.

From fixed-rate bonds to ISAs, the society provides options for those seeking steady returns or tax-efficient savings.

The investment products are designed with a focus on security and competitive interest rates, appealing to conservative investors and those planning for long-term financial goals.

Additionally, the society’s local market knowledge allows for the offering of unique investment products, aligning with the specific needs and preferences of the Bath community.

How Can You Use Bath Building Society’s Equity Release Calculator?

No, Bath Building Society does not have an equity release calculator.

However, it does have an affordability calculator for it’s re-mortgaging options.³

Why Choose Bath Building Society for Your Equity Release Needs?

Choosing Bath Building Society for equity release offers the advantage of competitive rates and bespoke advice tailored to your financial situation.

Why Should You Consider Bath Building Society for Your Mortgage Needs?

Consider Bath Building Society for competitive mortgage options and personalised service that prioritise your financial well-being.

You should consider Bath Building Society because:

• It is a trusted service provider.
• It has a proven track record and decades of experience.
• It offers a relatively high minimum loan amount.

What Are the Pros and Cons of Choosing Bath Building Society?

The advantage of working with Bath Building Society is that it has decades of experience, however, a disadvantage is that it cannot help with equity release.

The Benefits of Choosing Bath Building Society

The pros of bath building society include:

• It has decades of industry experience and a proven track record.
• It has a comprehensive website outlining all it’s product offerings.
• It is highly rated.
• It offers remortgaging and house purchasing plans.⁴
• It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).

Considerations When Opting for Bath Building Society

• There are completion fees at the end of your mortgage.
• There are limited product offerings for older homeowners.
• It does not offer equity release schemes.
• It only has two physical branches.

How Does Bath Building Society Stand Out in the Bath Financial Market?

In the competitive Bath financial market, Bath Building Society distinguishes itself through its customer-focused services and comprehensive regulatory compliance.

How Does Bath Building Society’s Offerings Compare in the Bath Financial Market?

Bath Building Society stands out in Bath’s financial market with unique, locally-focused financial products and services.

How Does Bath Building Society Compare to Other Building Societies in Bath?

Bath Building Society distinguishes itself in the local market through its personalized approach to banking and a strong community focus.

Unlike larger chains, it offers niche mortgage products and services tailored to the unique demographics of Bath residents.

The society’s local knowledge and community involvement are significant differentiators, providing a more intimate and responsive customer experience.

While other societies may have a broader national presence, Bath Building Society’s deep local roots and bespoke service offerings resonate strongly with the Bath community.

How Does Bath Building Society Compare to Nationwide Building Society in Bath?

When comparing Bath Building Society with Nationwide Building Society in Bath, the contrast lies in scale and personalized service.

Nationwide, being one of the largest building societies in the UK, offers a wide array of financial products and a significant technological investment.

In contrast, Bath Building Society focuses on niche markets, offering specialized products and a more personalized customer experience.

While Nationwide might appeal to those seeking extensive branch networks and digital services, Bath Building Society attracts customers looking for localized service and tailored financial solutions.

Bath Building Society Regulatory Insights

Bath Building Society adheres to strict regulatory standards, ensuring secure and reliable financial services for its members.

Bath Building Society Trading Names and Brands

Bath Investment and Building Society

Bath Building Society Services Permitted by FCA

• Insurance
• Banking
• Mortgages and Home Finance
• Investments

Who Regulates Bath Building Society?

• Financial Conduct Authority (FCA)⁴ 
• Prudential Regulation Authority (PRA) 

Bath Building Society Registration Details

• FCA Ref Number: 206026
• Mutuals Registration Number: 30B

Bath Building Society and FCA/Mutuals Associations

• FCA Link: FCA Link
• Mutuals Public Register Link: Mutuals Link

How to Contact Bath Building Society: Number and Address

• +44 1225 445 271
• mortgages@bibs.co.uk
• 15, Queen Square, Bath, Avon, BA1 2HN.

What Are the Benefits and Drawbacks of Bath Building Society’s Financial Solutions?

Bath Building Society’s financial solutions come with personalised customer support and transparency, although evaluating pros and cons is crucial for informed decision-making.

What Are the Financial Implications of Choosing Bath Building Society?

Opting for Bath Building Society can mean benefiting from competitive rates and transparent fee structures.

How Competitive Are Bath Building Society’s Interest Rates?

Current equity release interest rates range from 5.25% to 6.30%* AER.

*While we regularly review our rates, these may have changed since our last update.

What Fees Can You Expect with Bath Building Society’s Mortgages?

Bath Building Society’s fees, as it relates to mortgages, include product fees, change fees, and various other fees.

The fees are structured as follows:

• Fees payable on completion of your mortgage: This normally includes a product fee and is dependent on your mortgage product.
• Fees payable during your mortgage: These fees relate to early repayment charges, changes of terms or borrowers, further advance administration fees, etc.
• Fees payable should your mortgage fall into arrears: These fees include solicitor fees, court fees, field agent fees, and assent manager costs.

How Transparent and Customer-Focused Is Bath Building Society?

Bath Building Society is renowned for its commitment to transparency and a customer-centric approach in all its services.

Our Review Process for Bath Building Society Information

We reviewed the information on Bath Building Society by researching the company, it’s history, product offerings, and customer reviews.

As an established name within the industry, Bath Building Society’s track record speaks for itself.

Bath Building Society has some of the best financial experts.

This will ensure that you get the right financial advice as and when you need it.

NOTE: This article is an unaffiliated, independent, third-party, review of Bath Building Society.

Bath Building Society Reviews: What Do Customers Say?

Bath Building Society reviews have been mostly positive.

Bath Building Society has a high online rating of around 4.7 out of 5 and 2.9 out of 5 across different review sites. 

Customers have highlighted how pleasant and helpful the Bath Building Society team is.

What its customers have to say:

• Smart money people Reviews for Bath Building Society.
• Reviews for Bath Building Society on UK.TrustPilot.com.

Customer Complaints About Bath Building Society: What Should You Know?

Customer complaints can be directed to the team via email, phone, or on the website.

For mortgage complaints, you can use the following contact details:

Email: mortgages@bibs.co.uk
Tel: 01225 475 719

Alternatively, you could make a more public complaint on one of the popular review sites such as Trustpilot or Feefo.com.

Excellent customer service is a priority to Bath Building Society, so the team will attempt to resolve your issue the best way it can.

Common Questions

In Conclusion

With decades of experience in the industry, Bath Building Society is a credible option to consider for your retirement years.

Bath Building Society’s authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), meaning that they adhere to the guidelines in place to prioritise customer needs and safety.

Although Bath Building Society does not offer equity release, it’s retirement mortgage options may be an alternative worth considering.

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.