As we move through spring and (hopefully) a return to a more normalised world, please see below for confirmation of what is still required to support any client who requires an extension to their mortgage offer.

Offer extensions for all cases impacted by COVID-19 (including New Build)
As a reminder, your client can apply for an extension providing the current mortgage offer

  • Expired after 26 March 2020, or will expire within the next 30 days
  • They have already exchanged contracts on the property purchase
  • There are no changes to the mortgage application, like the amount or term

For any client that has experienced a material change in their personal circumstances since the initial application, namely a reduced level of income, then for all applications, either you or your client should continue to advise us of these via our online form

Note – If your client has not experienced a material change, we do not require any further documentation, however; our expectation is you will have discussed and evidenced this via your normal compliance process.

Important – for New Build, if there has already been a previous extension granted and this request is an additional one to that initial agreement, then regardless of if your client has experienced a change in circumstances, for all applications, the following will be required

  • We must receive confirmation of exchange from the solicitor
  • New income documentation is required
  • A new valuation will be instructed
  • A new product may need to be chosen

Initial New Build extensions for cases not impacted by COVID-19
As a general reminder, you can process these by completing our simple New Build Mortgage Offer Extension Declaration advising of any material change to the named customer(s) financial circumstances since the mortgage offer was issued.

Examples of an adverse material change to the clients financial circumstances include:

  • A negative change to the employment details stated in the original application e.g. salary, contractual working hours
  • For self-employed customers, being in receipt of a lower level of earnings than stated in the original mortgage application
  • Committed monthly expenses being higher than those stated in the original mortgage application
  • The customer(s) being refused credit since the original mortgage was issued or failed to meet contractual payment to existing credit commitments

Once again, If your client has not experienced a material change, we do not require any further documentation, however; our expectation is you will have discussed and evidenced this via your normal compliance process.