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.
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View our latest BSA Annual Conference and comment here.
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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.
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The Building Societies Association is the voice of the UK's building societies.
The Building Societies Association welcomes changes to the Support for Mortgage Interest loan, which comes into effect today
Homeowners who are in financial difficulties are now able to get support with their mortgage payments after 3 months, rather than the previous 9 months, a change which could prevent them getting into serious mortgage arrears.
Family finances are under growing pressures as the cost of food, fuel and energy continue to rise, and for some this will mean facing a period of real financial difficulties. Whilst lenders provide tailored support to those who are struggling, and will continue to do so, the Support for Mortgage Interest (SMI) loan helps homeowners on certain benefits, by paying the interest on their mortgage.
The zero-earning rule for those on Universal Credit has also been removed, meaning homeowners will not lose their entitlement to SMI as soon as soon as they find any work. Previously this restriction may have discouraged those on lower incomes seeking a return to work.
The BSA has long been calling for these changes, as a nine-months waiting time for homeowners to receive support could mean they would be over 6 months in arrears before they are given any Government support. At this point it is significantly more difficult to resolve their financial situation.
Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association (BSA) said:
“This is a common-sense change from the Government. Enabling access to the SMI loan much earlier could well be the difference between a family keeping a roof over their heads or them facing the prospect of their home being repossessed and having to find an alternative, government supported, rental accommodation.
“Also, as SMI is a loan not a benefit, the changes introduced today should not have a long-term financial detriment on Government expenditure.”
Lender Support
Whilst the number of borrowers with mortgage arrears has not yet significantly increased during the current cost of living crisis, 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.
Practical advice is also available from the BSA and National Debtline in the booklet What to do if you can’t pay your mortgage
Ends
Press contacts:
Tanya Jackson, tanya.jackson@bsa.org.uk Tel: 07881 501098
Katie Wise, katie.wise@bsa.org.uk Tel: 020 7520 5904
Notes to Editors:
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 have helped over 3.6 million families and individuals to buy a 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 approximately 1,300 branches, holding a rising share of financial services branches in local communities.