Bath Building Society RIO Mortgage

Are You Considering the RIO Mortgage Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Bath Building Society RIO Mortgage Review

RIO Mortgage Key Details

Type Rate APR
Bath Building Society Discounted 3.55% 3.70%

Scheme Incentives

  • No Early Repayment Charges

Scheme Offers

  • Interest-Only Mortgage
  • No LPA Requirement
  • Maximum LTV – 50%
Bath Building Society RIO Mortgage

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Bath Building Society RIO Mortgage, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.

However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Bath Building Society RIO Mortgage be the right equity release plan for you?
We’re here to help you:
Bath Building Society is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Bath Building Society?
Let’s find out!

What's Equity Release?

We've summed up the most important information about the topic in this quick video.

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: How Does Equity Release Work?

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Most popular reasons for releasing equity

Who Are Bath Building Society?

A little bit about them.
Learn a bit more about them here.

Scheme Background

Since 1904, Bath Building Society has provided its’ members the comfort of owning a home through lending to rent or purchase property.

Today our legacy continues throughout the UK and as a well-capitalised mutual organisation we are dedicated to provide our members a secure home for their savings and a range of mortgage products, including specialist Retirement Mortgages.

Members can rest assured that Bath Building Society is a secure home for their savings.

Eligibility & Requirements

The Bath Retirement Interest Only Mortgage (RIO) is created particularly for homeowners over the age of 65 who need access to the equity in their house to improve their retirement lifestyle.

This RIO mortgage might be used to refinance or to help with a home purchase.

The Bath RIO Mortgage is offered on both a single and joint life basis, with the youngest homeowner having to be 65 years old. There is no maximum age limit or term.

Bath Building Society takes a responsible approach to lending in retirement, assessing each applicant independently on combined applications so that they may continue the mortgage solely during the term if their spouse dies.

This RIO mortgage has a minimum loan of £50,000 and a maximum loan of £500,000. Please call the Equity Release Supermarket team on Freephone 0800 802 1051 to confirm qualification and obtain your unique price for mortgage applications above £500,000.

After deductions, household income must be at least £20,000 per year. The Society determines the maximum loan available by analyzing income and expenditures and then using multipliers. There is no credit rating system in place, and each case is underwritten on its own merits.

Bath’s minimum property valuation for a retirement mortgage is £100,000, and the property must be the homeowner’s primary residence and located in England and Wales.

Adverse credit, such as arrears, defaults, and CCJs, may be acceptable depending on the amount, duration, and degree of credit registered. To verify your eligibility, please call the Equity Release Supermarket team at 0800 802 1051.

Minimum Property Valuation

Bath Building Society Plan updates are still in the works. We will give an update soon.

Property Location Requirements

Bath Building Society Plan updates are still in the works. We will give an update soon.

Single vs Joint

Bath Building Society Plan updates are still in the works. We will give an update soon.

Minimum Release

Bath Building Society Plan updates are still in the works. We will give an update soon.

Scheme Features

RIO Mortgage offers an initial tax-free lump sum cash release for instant usage, with the option of making monthly repayments to Bath of just interest.

There is no maximum period; it will endure as long as the last living homeowner lives. No repayment plan, such as endowment, investment, or payback basis, is required. The loan is a lifelong interest-only mortgage with no specified expiration date.

The maximum loan-to-value (LTV) on an interest-only mortgage is 50 percent of the property valuation, subject to income qualifying.

In contrast to equity release plans, there are no safeguards in place with this mortgage product if the borrower is unable to make payments. Because this is a residential mortgage, there are no safeguards in place if something unforeseen occurs, prohibiting the homeowner from making payments. In order to use this program, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.

The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. This implies that if the homeowner does not keep up with payments, their house may be at jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home. On joint applications, the mortgage will be continued in the survivor’s name.

The Bath Building Society is not a member of the Equity Release Council, thus its programs do not follow the same code of behavior as other equity release schemes, such as the no negative equity guarantee.

This Bath Retirement Interest Only Mortgage has no early repayment penalties (ERCs).

Valuation Features

Bath Building Society Plan updates are still in the works. We will give an update soon.

Early Repayment Feature

Bath Building Society Plan updates are still in the works. We will give an update soon.

Equity Release Council Status

Bath Building Society Plan updates are still in the works. We will give an update soon.

Joint Application Features

Bath Building Society Plan updates are still in the works. We will give an update soon.

Scheme Options

This Bath Retirement Mortgage allows any homeowner to spend their tax-free wealth however they see fit, but unlike roll-up equity release plans, they may also make monthly interest-only repayments to control the future sum.

Bath Building Society will accept applications based on retirees acquiring a home, remortgaging business, and unencumbered properties.

This RIO mortgage allows you unlimited overpayments without penalty.

The Bath RIO Mortgage may allow you additional financing, but availability and approval are not assured. The available amount is closely connected to the homeowner’s capacity to afford the larger loan amount and will thus go through the same affordability verification procedure.

Within its product line, Bath’s RIO mortgages now provide lifelong reduced rates. However, they are subject to change, so call the Equity Release Supermarket team on Freephone 0800 802 1051 for the most up-to-date interest rates.

If a special offer expires, it will return to the lender’s regular variable rate, unless another deal is chosen before or at the expiration date.

Please call the Equity Release Supermarket team at 0800 802 1051 for more information or to seek a quote on the society’s RIO mortgage.

Repayment Options

Bath Building Society Plan updates are still in the works. We will give an update soon.

Inheritance Protection

Bath Building Society Plan updates are still in the works. We will give an update soon.

Application Fees

Bath Building Society Plan updates are still in the works. We will give an update soon.

Cashback Options

Bath Building Society Plan updates are still in the works. We will give an update soon.

Footnotes

Bath Building Society Plan updates are still in the works. We will give an update soon.

Editor’s Rating: 4.85

Bath Building Society's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Bath Building Society.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

See how much you can release today!

How Much Can You Release?

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Rachel Wait
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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.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
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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. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
Nicola Date
Writer & Financial Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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