Skipton Building Society is extending its standard mortgage offer validity period from six months to nine months, giving customers more time to complete their home purchase and reducing pressure when transactions face delays.
The change applies to residential purchase, remortgage and buy-to-let mortgage offers, which will now remain valid for nine months rather than six. Additional borrowing offers will also be extended from one month to three months.
Skipton says the change provides additional certainty for customers and brokers where property chains, legal processes or other factors outside the customer’s control cause a transaction to take longer than expected. The Society also aims to reduce unnecessary re-offers and administration for brokers.
Eligible standard mortgage offers will retain the option of a further three-month extension, subject to Skipton’s existing requirements. There are no changes to existing lending criteria or underwriting standards, while valuation validity periods remain unchanged.
Si Farrell-Roberts, head of lending at Skipton Building Society, said: “Getting a mortgage offer is a major milestone, but it isn’t the end of the homebuying journey. What really matters is helping customers get the keys to their home.
“Buying a home is one of the biggest financial and emotional commitments people make, but the journey from offer to completion doesn’t always go to plan. Property chains and legal delays can create uncertainty through absolutely no fault of the customer.
“That’s why we’re extending our standard mortgage offers from six to nine months. It’s about giving customers greater certainty and breathing space, reducing pressure on brokers and removing unnecessary friction from the process.
“We could see that customers with perfectly viable purchases were having to revisit parts of the mortgage process simply because their transaction had taken longer than expected. This is a practical change designed around the reality of buying a home today.
“We want more customers to successfully complete their homebuying journey, not get caught up in avoidable process. Making nine-month offers standard is another way Skipton is challenging traditional approaches to lending and focusing on the things that make a meaningful difference to customers and brokers.”
