Compare Mortgage Rates from Bath Building Society Against the Market

Who are Bath Building Society?

As a mutual organisation, Bath Building Society is owned by its saving and borrowing members, not by shareholders. This structure allows it to focus on delivering long-term value and personal service. They are known for their manual, common-sense approach to underwriting, where each application is assessed by a person rather than a computer. This enables them to consider the individual story behind each application, making them a key player in the specialist mortgage market.

What types of mortgages does Bath Building Society offer?

Bath Building Society offers a diverse range of mortgage products, many of which are designed to solve specific borrowing challenges that mainstream lenders may shy away from.

• Standard Residential Mortgages: For purchasing or remortgaging a primary home, with a focus on individual assessment.

• Buy for Uni Mortgages: A standout product that allows a student, supported by their parents, to purchase a property for residential use while at university. The parents act as joint borrowers, and the student can rent out spare rooms to generate income.

• Parent Assisted Mortgages: Designed to help first-time buyers get onto the property ladder by allowing a parent or family member to be a joint applicant on the mortgage, using their income to boost borrowing power.

• Holiday Let Mortgages: For individuals looking to purchase a property to be used as a short-term holiday rental.

• Retirement Interest-Only (RIO) Mortgages: Aimed at older borrowers, these mortgages allow applicants to pay just the interest each month, with the capital being repaid when the property is sold, usually upon death or moving into long-term care.

• Self-Build Mortgages: Providing funding in stages for individuals looking to build their own home.

Bath Building Society's Lending Criteria: Who do they lend to?

The Society's key strength lies in its flexible and pragmatic lending criteria. They have built a reputation for considering applicants with unique circumstances.

• Income: They assess income on a case-by-case basis and can be flexible with self-employed applicants, contractors, and those with multiple income streams.

• Age: There is no maximum age limit for their mortgage products, making them an excellent choice for older borrowers, provided the loan is affordable.

• Property Type: They are willing to consider non-standard properties that other lenders may decline.

• Individual Assessment: They do not use automated credit scoring. Their underwriting team reviews every application individually to understand the full picture.

• Specialist Niches: Their criteria are specifically designed to accommodate the needs of university students, holiday let investors, and older borrowers.

What do customers say about Bath Building Society?

As a smaller, regional building society, they pride themselves on high levels of personal service. Customer feedback frequently praises their friendly, accessible, and knowledgeable staff. Borrowers often highlight the value of being able to speak directly with the team assessing their application, a service rarely offered by larger lenders.

Pros and Cons of a Bath Building Society Mortgage

Pros:

• Personalised Underwriting: Every application is manually assessed, allowing for complex and unusual circumstances to be fairly considered.

• Innovative Niche Products: Their "Buy for Uni" and flexible retirement mortgages solve real-world borrowing problems.

• No Upper Age Limit: A strong proposition for older borrowers looking for mortgage finance in retirement.

• Excellent Customer Service: Direct access to underwriters and a personal approach are highly valued by their customers.

Cons:

• Potentially Higher Rates: Rates on their specialist products may be higher than standard mortgages from mainstream lenders to reflect the specialist underwriting involved.

• Limited Product Range: They do not compete in all areas of the market (e.g., they may have fewer standard fixed-rate deals than a large bank).

• Regional Focus: While they lend across England and Wales, their brand recognition is strongest in the South West.

How to apply for a Bath Building Society mortgage

Bath Building Society accepts mortgage applications both directly from the public and through mortgage intermediaries (brokers). You can start the process by:

• Contacting them directly: You can call their mortgage team or visit their branch in Bath.

• Using a mortgage broker (recommended): An independent mortgage adviser can help you determine if Bath Building Society is the right lender for you and assist with the application.

Get started here to book a free, no-obligation chat with a broker who knows Bath Building Society’s product range well and may be able to access exclusive deals from them.