Covers a range of topics relating to mortgages and the wider housing market.
Covers issues relating to savings accounts and payments.
Covers developments in conduct of business regulation
Covers issues relating to the corporate governance and constitution of building societies.
People related matters such as talent development, apprenticeships and diversity.
Internal and external accounting assurance and matters relating to tax.
The regulation and supervision of firms to ensure their safety and soundness under the remit of the Prudential Regulation Authority.
A new legal aid scheme to support borrowers at risk of repossession (member only content).
A wide range of statistics relating to the UK mortgage and housing markets.
Research, analysis and guidance about our members and the issues that affect them.
Retail savings data including net receipts and deposits, ISAs and interest rates.
Operational and financial information about building societies. Includes AGM & financial results and remuneration details.
Submission and publication deadlines for BSA data and reports.
Mortgage approvals pick up & further cut to Bank Rate expected this year.
News and views on topical issues from the BSA and guests.
View our latest press releases and comment here.
The BSA's quarterly magazine covers whats happening in the world of building societies, credit unions and the wider financial services sector.
A quarterly survey that assesses consumer sentiment regarding the UK property market.
View biographies and download photos of the BSA's key spokespeople
BSA speeches from events and seminars
View the latest webinars, training and other events open to members, associates and other stakeholders
View our latest BSA Annual Conference and comment here.
View our latest Past events & summaries and comment here.
Learn how to promote your event to the BSA's membership.
Treasury risk and balance sheet management (6th November 2024)
Find factsheets on mortgages, savings and the building society sector.
Track building societies that no longer exists and get a link to its successor's website.
Find mortgage instructions and specific requirements setting out individual building society policies.
The UK Savings Week campaign aims to get people engaged in saving.
Toolkits to develop Workplace Savings are available here.
Here you can find our publications, responses to consultation documents, mortgage instructions, statistics and sector job vacancies.
Find out more about the BSA and the sector.
Contact details for each of our 49 members.
Our Associate members include a wide range of companies from insurers, banks, accountants, solicitors, and other business suppliers to BSA members.
View biographies and download photos of our key spokespeople
Vacancies for senior management, executive and other positions at the BSA and its member organisations
Find out the wide range of benefits of joining the BSA as an associate member.
The Building Societies Association is the voice of the UK's building societies.
Whether rent can be taken into account when considering someone’s suitability for a mortgage is at the heart of the e-petition.
Mortgage regulation changed in 2014 and since then lenders have been required to use the process outlined in the infographic below (taken from the FCA’s Responsible Lending Thematic 2016).
The customer’s household expenditure is generally calculated in one of two ways. Some lenders ask the customer to provide details of expected monthly spend on certain goods and services. Alternatively some firms rely on modelled household expenditure figures based on the customer’s family structure, income and sometimes factoring other details, such as where the customer lives. The stressed interest rate is the introductory mortgage rate plus a percentage to check affordability if rates increase.
To safeguard against the effects of expected interest rate rises, the FCA requires firms to assess affordability against a higher rate that might be payable within five years. Firms must take into account market expectations and the FPC’s prevailing recommendation on appropriate interest rate stress tests. Each lender can reach its own view on the stress rate used but they must be able to justify this.
‘Property Tracker’, the BSA’s quarterly consumer survey, found that in September 2017 68% of respondents said raising a deposit was the biggest barrier to property purchase, while 45% said affordability of mortgage repayments was a barrier.
The House of Commons Library has produced a briefing ahead of the debate. In addition the Government has responded to the e-petition which is a useful summary of the issues. This says:
In April 2014, the independent Financial Conduct Authority (FCA) put in place new regulations for mortgage lending. These were aimed at addressing the problems previously caused by poor quality mortgage lending, such as borrowers falling into payment difficulty and, ultimately, losing their home.
The changes included the principle that mortgages should only be advanced where there is a reasonable expectation that borrowers can repay. All lenders must now conduct an affordability assessment which includes an income and expenditure analysis, and the lender must obtain evidence of that income to support this assessment.
A record of meeting rental payments is not sufficient in itself to demonstrate the affordability of a mortgage over the lifetime of the loan. This is because the affordability assessment must take account of a much wider range of factors. These include:
It is important to be aware that home ownership brings a number of additional expenses that may not be incurred when renting, including maintenance costs and buildings insurance. Before extending a loan, lenders must satisfy themselves that a borrower will be able to meet these additional on-going costs when considering a mortgage application.
Many lenders also use information from Credit Reference Agencies (CRAs) when considering mortgage applications. This is because previous customer behaviour, in terms of paying back debts, tends to be a relatively good predictor of future behaviour. Therefore if prospective borrowers have a history of good financial management it can improve their chances of obtaining credit.
Beyond the FCA’s requirements, decisions around the availability of individual mortgage loans remain commercial decisions for lenders, and the Government does not seek to intervene in these.
Whilst one lender may be unable to offer a mortgage, being denied a mortgage from one provider does not preclude a customer from being offered credit elsewhere. There are a wide variety of mortgage products available in the UK and prospective borrowers may benefit from shopping around.