Skipton extends term for new build mortgage offers

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Skipton extends term for new build mortgage offers

Skipton Building Society has extended the time it gives borrowers on new build properties to take up their mortgage offer.

The Society has changed the length of validity on its offers to nine months, with the ability to request a three-month extension if the build completes in that time.

The previous limit was six-months with a six-month extension period.

Paul Darwin, Skipton’s director of intermediary relationships, said brokers had told the building society a six-month offer can fall short in the case of new build mortgages.

"We’re changing the length of validity on our offers to ensure more certainty for brokers and their clients.

"There aren’t many lenders who offer this, but with our commitment to real life lending, we felt it’s the right thing to do in supporting our broker partners.

 “Our ability to prioritise new build processing with dedicated underwriters who recognise the need for a quick offer to facilitate a timebound exchange continues to identify Skipton as a new build lender of broker choice.”

The change adds further value to Skipton’s new build proposition, which includes immediate free standard valuation instruction, dedicated new build support team and £500 cashback on selected products.

Daniel Bailey, principal at Middleton Finance said it is welcome news Skipton has  listened to brokers.

“New build purchasers can often take longer to complete and this will help alleviate any concerns borrowers have about getting an extension to an offer or having to apply for a new mortgage.”