To support for the new build market, Santander UK has announced that, from today, Tuesday 6 May, all new build mortgage offers will be valid for a standard nine months – three months longer than previously.
The extension is designed to help brokers and their customers alleviate concerns should a building completion that take longer than expected, providing greater certainty when buying a new build home. Research by Santander found that a third (33%) of brokers had experienced issues with a delay in building completion and mortgage offers expiring as a result. In cases where there is concern that the property will not be completed within nine months, a three-month extension can be applied for.
Graham Sellar, Head of Santander for Intermediaries, said:
“New build properties account for one in ten of all property sales in the UK, and with the Government’s ambitions on new towns, we can expect that proportion to grow. We know from talking to our brokers that while there is a lot of opportunity there are also particular challenges when supporting a customer with a new build purchase. We hope our extended validity period gives brokers and customers confidence that Santander is ready to support them with unexpected hurdles along their homeownership journey.”
New towns data
Research conducted by Santander found that:
- 85% of mortgage brokers see demand for homes in new towns across the UK, with over four fifths believing it will transform the homeownership market.
- Almost all mortgage brokers (99%) report to have experienced a range of issues when faced with supporting a new build purchase.
