Santander has granted temporary one-month mortgage extensions to its customers. The lender says the time taken to offer is “likely to increase” due to a high value of mortgage applications of late.
Usually, mortgage offers from Santander are valid for six months. This now extended to seven, though cases must be complete by 31st January 2023 and be subject to a “satisfactory valuation”.
A spokesperson for Santander said:
“Due to continued high demand in the mortgage market and to allow more time for transactions to complete we’re temporarily extending mortgage offers by one month for purchase and remortgage customers.”
They continued:
“This will help ensure that customers are able to complete on their mortgage at the original rate. The offer extension is automatic so there is no requirement to apply for it or contact us.”
Lenders have been pressured of late due to interest rate rises which have led to increased mortgage activity and repricing. Following said rate rises, Today’s Conveyancer reported in early July that it is now cheaper to rent than to buy in Great Britain.
However, with the Bank of England recently withdrawing the stress interest rate mortgage affordability test recommendation and transactions bouncing back in May, it is conceivable that lenders and brokers will continue to see these heightened levels of activity.
