We regularly review our lending policy, considering feedback from intermediary partners and looking at where we can make a difference. After making improvements to our lending policy in March we didn’t just want to stop there. So today we have made a further change to our criteria.

The Offer validity period for purchase and remortgage applications has been increased from 4 months (16 weeks) to 6 months (26 weeks). This applies for both residential and BTL.

 A summary of our Offer validity periods

Extension of Offers

As our Offers are now valid for 6 months (26 weeks), there’s no need to go through an Offer extension process, saving you time. If your client’s completion date is delayed beyond the validity of their Offer, as per the previous process, we will be happy to consider a new application subject to the following:

• A new credit score
• Re-confirmation of affordability and proof of income
• Re-confirmation of property valuation
• A new product being selected from the range available at the time

For New Build there is no change to the Offer validity period or the existing 7 month extension process.

Additional information

Offers in the pipeline will be automatically extended by 10 weeks (14 weeks for New Build Shared Ownership applications). We will write to you and the solicitor to confirm this ahead of the original Offer expiry date. After the extension period, we will require a new application.