"Buying a property, particularly in a chain, is hugely nerve-wracking at the moment, so we’re taking this step to help reduce the stress to all of those involved."
- Charlotte Grimshaw, head of intermediary relations and mortgage sales
Suffolk Building Society has extended its offer validity period from three to six months to reflect market conditions.
This applies to all mortgage products including residential, buy-to-let, holiday let, expat and self build.
Brokers will also be able to request an additional three-month extension after the initial offer period. This is subject to confirmation that there has not been a change to client circumstances.
Where an offer is made on a fixed rate product, brokers and their clients should be aware that the length of the initial deal will be reduced i.e. where a six-month offer followed by a three-month extension period has been requested on a two-year fixed mortgage, the initial fixed term would be reduced to 15 months. Brokers will need to seek confirmation that their clients wish to proceed or if they would prefer to use an alternative product (subject to re-assessment).
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “It’s common sense to give both brokers and buyers some breathing room to get their sale across the line. Buying a property, particularly in a chain, is hugely nerve-wracking at the moment, so we’re taking this step to help reduce the stress to all of those involved. There’s enough nail-biting when watching the Euros without movers having to worry about whether their offer will expire too!”
