The maximum period offered by lenders is currently six months which means borrowers looking for a new deal can lock in their rate, if they wish, for up to half a year before closing.
However, Skipton’s new offering means customers have more time to complete their home purchase, which, she says, can reduce unnecessary stress when transactions experience a delay.
The change applies to offers to purchase residential property, remortgage and buy-to-let. Additional borrowing offers will also be extended from one month to three months.
Skipton said the move makes it among the first lenders to offer mortgage offers for a standard nine-month term.
C Farrell Roberts, Head of Lending at Skipton Building Society, said: “Buying a home is one of the biggest financial and emotional commitments people make, but the journey from viewing to completion doesn’t always go to plan. Property chains and legal delays can create uncertainty through absolutely no fault of the client.
“That’s why we’re extending our standard mortgage offers from six to nine months. It’s about giving customers greater certainty and breathing room, reducing pressure on brokers and removing unnecessary friction from the process.”
Farrell Roberts explained how the building community noticed that customers with perfectly viable purchases were having to reconsider parts of the mortgage process simply because their transactions were taking longer than expected.
He added: “We want more customers to successfully complete their home buying journey, and not engage in avoidable processes. Making nine-month offers the standard is another way Skipton is challenging traditional approaches to lending and focusing on the things that make a tangible difference to customers and brokers.”
The change will also mean that fewer cases will require a replacement offer just to bypass a transaction. This will help reduce avoidable administration for brokers and their clients.
