Nationwide Building Society is extending new build mortgage offers by 45 days in some situations.
The lender’s new build offers were previously valid for six months. Now buyers can use a 45-day extension with no fresh application if they have delays in the construction process.
The extension deal requires confirmation that the original valuation is correct before the offer reaches expiry.
Nationwide head of new build and intermediary support Andy Dean says: “We’ve listened to broker and builder feedback and the introduction of the automated 45 day offer extension gives reassurance to customers and brokers from the outset that unforeseen circumstances such as build delays can be accommodated.”
Nationwide is also launching a pilot project to speed up the timescales taken to carry out new build valuations.
The lender will team up with Countrywide Surveying Services for the pilot, which will use prior site visits and other information to streamline the process.
Dean adds: “Furthermore, the launch of the new build valuation pilot in conjunction with Countrywide Surveying Services further enhances what we offer those looking for mortgages on new build property, with the aim of speeding up the application process and further improving the customer journey.”