Skipton extends new build mortgage offers

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The Skipton Building Society is extending the term for new build mortgage offers.

The mutual is changing 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 have told us that a six month offer isn’t always long enough for new build mortgages so 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.

“So… new build mortgage offers will be valid for nine months with an option to request a three month extension. Customers or their broker will just need to contact us to request the extension.

“This change assists in keeping our new build proposition both relevant and fit for purpose. Broker feedback indicated that there is a real need for a nine month offer in new build. Whilst our original 6+ 6mth offer was very innovative in supporting the new build market, this extended offer capability will give both brokers and borrowers one less thing to worry about in the purchase process should the build, and hence completion, be delayed.

“We always listen to feedback from brokers and are pleased to introduce this improvement to our service. If any broker has any questions we ask them to get in touch with their local IRM, our dedicated broker support team or they can also drop us a tweet on our Skipton intermediaries twitter feeds.

“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.”

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