What’s Happening

The impact of coronavirus has resulted in our New Build 6 month offer extension process being effected.

As part of the standard process the original Valuer is contacted to confirm that there has been no variation to the valuation provided at the time of application. Due to Valuers being furloughed this confirmation cannot be obtained.

What You Need to Know

For New Build extension requests already received and for new requests to be submitted, the maximum offer extension will initially be for a three month period but will not require confirmation of the property value.

Please continue to use the existing New Build Offer extension form on our website when submitting requests. 

The offer extension request will be assessed and take into account any change in the Customers circumstances that you have made us aware of. 

Prior to submitting the offer extension request, please check our affordability calculator to ensure the case is still affordable. Where the case no longer passes the affordability test, you may of course decide to vary the requirements of the application (for example a lower loan amount and/ or extend the mortgage term.)

If you are looking to amend the Customers requirements as a result of a change in their circumstances, please provide an accompanying memo when forwarding supporting documents for the case to be assessed.

Further information and Guidance

The above temporary change to our normal process will provide Customers with increased certainty in relation to their offer and allow a further period of time for completion of their mortgage.

We are currently working on reviewing  the longer term solution in relation to the process to be adopted once this initial three month extension has been granted. We will communicate with you again when the outcome of this review is known.