"The automated 45 day offer extension gives reassurance to customers and brokers from the outset that unforeseen circumstances such as build delays can be accommodated."
Current new build offers are valid for six months, but buyers experiencing small delays in the building process will now be able to automatically extend new build offers by an extra 45 days, without having to make a fresh application. This is subject to confirmation before the offer reaches expiry that the original valuation is correct.
In addition, in conjunction with Countrywide Surveying Services, Nationwide will today be launching a pilot designed to speed up the timescales taken to carry out new build valuations. This will utilise prior site visits and essential information to expedite the production of valuation reports.
Andy Dean, Nationwide’s head of new build and intermediary support, said: “We’ve listened to broker and builder feedback and the introduction of the automated 45 day offer extension gives reassurance to customers and brokers from the outset that unforeseen circumstances such as build delays can be accommodated.
“Furthermore, the launch of the new build valuation pilot in conjunction with Countrywide Surveying Services further enhances what we offer those looking for mortgages on new build property, with the aim of speeding up the application process and further improving the customer journey.”
