Bath Building Society Equity Release And Lifetime Mortgage Review in 2024

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…
  • Last Updated: 06 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • The process for Bath Building Society equity release involves assessing your property's value, determining your eligibility, completing an application, and receiving funds either as a lump-sum or in regular installments.
  • It is generally safe, regulated by the Financial Conduct Authority (FCA), but it's crucial to understand the terms and conditions to identify potential risks.
  • Interest rates vary, so it's advisable to check the current rates on the society's official website or consult with an independent financial advisor.
  • You can qualify if you are over 65, own your property, and meet certain financial criteria.
  • The advantages include access to tax-free capital and no monthly repayments, while the disadvantages include potential impacts on your estate value, benefits eligibility, and higher overall cost compared to a regular mortgage.

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?

In This Article, You Will Discover:

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

    Therefore:

    NOTEEvery 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.

    Who Is Bath Building Society?

    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 Is Equity Release Financing?

    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.

    What Is the Process for Equity Release with Bath Building Society?

    Equity release with Bath Building Society is a straightforward process tailored to your specific needs.

    Firstly, they will need to conduct a complete valuation of your property to ascertain its exact value.

    This is done by a panel of professional surveyors who work independently, ensuring an unbiased evaluation.

    Meanwhile, they will assess your personal circumstances to offer the best products to suit your financial needs.

    Post valuation, they will discuss the different equity release schemes they offer, such as lifetime mortgages or home reversion plans.

    Each has its unique aspects, and they will make sure you understand all the implications.

    Once you decide on the scheme, their legal team will handle the paperwork, ensuring a hassle-free experience.

    They pride themselves on offering a transparent process, keeping you informed at every step of the way as you unlock the value in your home.

    Why Consider Bath Building Society?

    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 Services Does Bath Building Society Offer?

    Bath Building Society offers the following services:

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

    Does Bath Building Society Offer Equity Release or Lifetime Mortgages?

    No, Bath Building Society does not offer equity release.

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

    Bath Building Society’s Equity Release Alternatives

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

    What Are Bath Building Society’s Interest Rates?

    Current equity release interest rates range from 5.20% to 6.30%* AER.

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

    What Are the Bath Building Society’s Fees?

    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.

    Does Bath Building Society Have An 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 not try our easy-to-use equity release calculator below to see approximately how much you could release from your home?

    What Are The Advantages and Disadvantages of Using 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.

    Bath Building Society Pros

    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).

    Bath Building Society Cons

    • 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 Did We Review the Information on Bath Building Society?

    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.

    Customer Reviews

    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:

    Customer Complaints

    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.

    Regulatory Details:

    Trading Names

    Bath Investment and Building Society

    FCA Permitted Services

    • Insurance
    • Banking
    • Mortgages and Home Finance
    • Investments

    Regulators

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

    Registration Numbers

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

    FCA and Mutuals Links

    Bath Building Society Contact Number and Address

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

    Common Questions

    What Is the Process for Bath Building Society Equity Release?

    How Safe Is Bath Building Society Equity Release?

    What Are the Interest Rates for Bath Building Society Equity Release?

    Can I Qualify for Bath Building Society Equity Release Over 65?

    What Are the Advantages and Disadvantages of Bath Building Society Equity Release?

    Is Bath Building Society a Member of the Equity Release Council?

    Who Owns Bath Building Society?

    Where Can I Find Bath Building Society Jobs?

    Does Bath Building Society Offer Equity Release?

    Is Bath Building Society Safe?

    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.

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