"Borrowers looking to buy a home or remortgage can experience uncertainty during the process, particularly those who find themselves in a chain."
Newcastle Intermediaries has increased its mortgage offer validity period from three to six months.
Following feedback from brokers, Newcastle has extended its offer validity period to provie comfort to homebuyers in property chains where the process can take longer, or to customers looking to remortgage well ahead of their current deal expiring.
The changes to offer validity will impact purchase and remortgage customers, while new build applications will remain at the current offer period of nine months.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Borrowers looking to buy a home or remortgage can experience uncertainty during the process, particularly those who find themselves in a chain.
“We want to ensure we’re able to support a broad range of borrowers as effectively as possible and, after listening to broker feedback, we’ve taken the decision to increase our offer validity period to help ease some of the pressure facing borrowers, providing greater peace of mind at a time that we know can be stressful.”
