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 Scheme Review

RIO Mortgage Key Details

Type Rate APR
Bath Building Society Discounted 3.55% 3.7%

Scheme Incentives

  • No Early Repayment Charges

Scheme Offers

  • Interest-Only Mortgage
  • No LPA Requirement
  • Maximum LTV – 50%

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 ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that 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!

Who Are Bath Building Society?

Bath Building Society is a trading name of the Bath Investment & Building Society, which is a building society, with headquarters in Bath, England. Set up in 1904 as a friendly society, the society now focuses on savings and mortgages. The mortgage business specialises in offering niche residential mortgage products to meet the individual demands of customers. Popular products include rent-a-room and buy for university mortgages as well as products targeted at first-time buyers and retired customers. It is a member of the Building Societies Association.
Bath Building Society RIO Mortgage

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 team 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 team.

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).

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 team 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 team for more information or to seek a quote on the society’s RIO mortgage.

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.

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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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