Nationwide has extended the time period a remortgage offer is valid from three to six months.
The amendment is due to feedback from intermediaries and industry research which highlights a third of remortgage applications are reserved over three months prior to the conclusion of a customer’s mortgage product, according to the lender.
In addition, intermediaries will now be able to unlock a DIP themselves, and Nationwide has amended the service with the intention to simplify and increase speed, it adds.
Nationwide intermediary relationships director Ian Andrew says: “By doubling the offer period from 90 days to 180 days, we are enabling those looking to remortgage a longer time period in which to complete, which is particularly useful for those who wish to access a new mortgage deal at the end of their existing one. It also brings remortgage product offers in line with purchase offers.
“We have also updated our intermediary platform for brokers in response to ongoing feedback, enabling them to complete the process more smoothly and demonstrating Nationwide’s ongoing commitment to the intermediary sector.”