Nationwide extends new build offers by 45 days

Building-A-House-Home-Frame-700.jpg

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.”

Recommended

House, plan

NatWest extends new build mortgage offers to 12 months

NatWest is extending the offer period for mortgages on new build properties to up to 12 months. This extension isn’t automatically granted, but has to be requested by intermediaries within the initial six-month period. It will be subject to a successful credit search and property valuation. This change – which comes into effect from 9 […]

UK-Currency-Money-Coins-700.jpg
1

Barclays sweetens new build and shared ownership deals

Barclays has sweetened criteria for mortgages aimed at shared ownership and new build buyers. The lender has raised its new build house purchase LTV from 85 to 90 per cent on houses for loans up to £500,000. Flats and maisonettes will remain at the current maximum LTV of 85 per cent. Barclays has also increased […]

Newsletter

News and expert analysis straight to your inbox

Sign up