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.
Services inflation and labour market conditions ease ahead of September MPC meeting
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.
"Another Bank Rate rise, the tenth since December 2021, will be unwelcome news for many homeowners, particularly as the cost of energy, fuel, food and other items also continue to rise."
Commenting on the increase in the Bank Rate from 3.5% to 4.0%, Paul Broadhead, Head of Mortgage & Housing Policy at the BSA said:
“Another Bank Rate rise, the tenth since December 2021, will be unwelcome news for many homeowners, particularly as the cost of energy, fuel, food and other items also continue to rise.
“Although the majority of borrowers are on fixed rates, so will not feel the impact of the rate increases until their fixed rate ends, when they do their new rate is likely to be significantly higher than their current fixed rate. Borrowers will therefore need to consider the impact of higher mortgage payments alongside all the other increasing demands on their monthly earnings.
“It’s likely to cost those at the end of a 2 year fixed rate who re-mortgage to a new similar deal around £200 more a month. For those on 5 year fixed rates, their re-mortgage is likely to increase their payments by around £160 a month[1].
“Whilst we have not yet seen an increase in borrowers with mortgage arrears, we remain alert to the economic conditions, which are rapidly changing. It’s worth noting that lenders are sensitive to the rising number of people facing a squeezed household budget and have teams who are well trained and experienced in providing tailored support to those who are struggling. Anyone who is worried about their finances and ability to pay their mortgage should therefore get in touch with their lender or a debt adviser as soon as possible. They will provide a safe space for a confidential, non-judgmental chat and will do everything possible to help each borrower with options based on their own personal circumstances.
“For first time homebuyers, the rate rises are having an immediate impact as the higher cost of a mortgage, alongside the rising cost of living, will affect their overall affordability. Those taking their first step onto the housing ladder should therefore seek advice from a lender or mortgage broker, as they may need to lower their ambitions as they’re unlikely to be able to borrow at the level they might have achieved 12 months ago.”
[1]Based on a £130k mortgage for 25yr term. It compares the rate on the loan 2 or 5 years ago (depending on term) to the one available now (based on latest data - December 2022) on the same basis i.e. assumes 2yr fixed will re-mortgage onto another 2yr fixed at the same LTV and for the same £130k.
Ends
Contacts:
The BSA represents all 43 building societies, as well as 7 larger credit unions. Building societies serve almost 26 million consumers across the UK and have total assets of nearly £500 billion. Together with their subsidiaries, they are helping over 3.6 million families and individuals to buy their own home with mortgages totalling over £366 billion, representing 23% of total mortgage balances outstanding in the UK. They are also helping over 23 million people build their financial resilience, holding over £342 billion of retail savings, accounting for 18% of all cash savings in the UK. With all of their headquarters outside London, building societies employ more than 51,500 full and part-time staff. In addition to digital services they operate through almost 1,300 branches, holding a rising share of financial services branches in local communities.