Fleet increases offer period on new-build loans

Fleet has extended the validity of mortgage offers on new-build properties from three to six months.

The lender has also increased the length of time for which valuations are valid from six months to seven months.

Mortgages on new-build flats are available up to a maximum LTV of 70 per cent, which rises to 75 per cent for houses. All new-build products also include a £150 application fee.

Fleet Mortgages distribution director Steve Cox says: “It is the case that new-build completions can take longer than anticipated which is why we have announced an extension of both our mortgage offer and valuation times, to help ensure these do not come to an end before the project is finished.

“Providing such flexibility should give adviser and client peace of mind that they have the mortgage funds in place, and we are able to utilise the valuation for a longer period of time.

“New-build applicants [have] access to our entire standard and limited company product range, subject to maximum LTVs.”

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