New build offer extensions

We are delighted to confirm a simplified process to extend a mortgage offer for your clients purchasing a residential new build property.

With effect from today, Tuesday 30th October, a new clause within our offers will enable your client to request a new offer on the same terms (including product) at any time while the current offer is valid.

Benefits include:

  • No new proof of income documentation required
  • No property revaluation required
  • No additional fees or charges
  • Choice of existing product or a new product from the current range

What do you to do?

Where there has been no material changes in the clients income and expenditure since the initial application, you just complete a simple form and a new mortgage offer letter will be issued, subject to credit score and underwriter review.

A simple 3 step process:

Click here to download the New Build Mortgage Offer Extension Declaration Form.

Important information

This new process is available to all existing applications as well as any new ones made from today.

At any point during the initial offer period your client can apply to extend the offer period for a further 6 months. The new application will only be valid for 6 months from the new application date, not from the original offer expiry.

There is no additional charge to switch should your client wish to select a new product, however, product fees are still applicable. The fee associated with a product can be found on the Intermediary rate sheet.

Please only submit an offer extension request if you want the existing application to be closed & a new one to be processed.

For more information, please read the attached FAQ

Did you know, we have a dedicated New Build Support Team to provide support and guidance available on 0345 073 3330, Monday to Friday 9.00am to 5.00pm.

Key lending criteria update

Following your feedback, we’re pleased to confirm we are streamlining the documents we require to support a mortgage application with us.

Key Highlights include:

  • For Buy to Let clients, we’re removing the need for ASTs (Assured Shorthold Tenancy agreement)  and the latest lenders statement to be submitted for any background mortgaged properties.
  • Self-employed clients will only need to submit the latest year’s full financial accounts, these also no longer need to be signed
  • All clients can now use payslip(s) to show their annual bonuses over the last two years.

Please read below for full details of our changes.

For Buy to Let applications only

  • For Buy to Let clients, we’re removing the need for ASTs (Assured Shorthold Tenancy agreement)  and the latest lenders statement to be submitted for any background mortgaged properties.

From today, clients will be able to submit:

  • The latest month’s bank statement showing the BTL/PTL mortgage payment being paid rather than the latest lender statement and;
  • Three months’ bank statements showing the rental payments being received for each of the mortgaged properties (subject property for remortgage and background BTL/PTL properties).

For both Residential and Buy to Let mortgage applications

Allowances

  • We will be reducing the number of monthly payslips required for Allowances from three to one, where the client confirms that they receive their Allowances every month and they stay the same (fixed) every month.

Annual bonus

  • We are expanding the documentation that your clients can use to validate their annual bonus if they receive Basic Salary and Allowances only
  • In these cases, they can use the actual payslip(s) to show their annual bonuses over the last two years and will no longer be required to provide P60s to validate these bonuses or complete any calculations against P60s.

Self-employed customers

  • We are removing the need for the previous year’s full financial accounts and we are also changing the requirements for tax calculations from accountants
  • Clients will only need to submit the latest year’s full financial accounts as these show two years’ worth of figures, these also no longer need to be signed
  • Clients will no longer be required to submit an accountant’s letter on headed paper where an accountant has prepared the tax calculations.

For large loans only

  • We are removing the need for additional large loan documentation on both Residential and Buy to Let mortgage applications.

All cases submitted from today, Tuesday, 30 October, will be subject to the new criteria.

All other documentation requirements remain the same, please view our lending criteria.