Skipton Building Society has extended the validity of its standard mortgage offers from six to nine months, giving borrowers and brokers more time to complete transactions affected by delays.
The changes take effect from 27 October and cover residential purchases, remortgages and buy-to-let mortgages. Offers for additional borrowing will also remain valid for longer, increasing from one month to three months.
The society said the longer offer periods should reduce the number of applications requiring replacement offers because of delays involving property chains, conveyancing or other issues outside borrowers’ control.
Under the revised arrangements, eligible standard mortgage offers will continue to qualify for a further three-month extension, subject to Skipton’s existing requirements. This means qualifying offers could potentially remain valid for up to 12 months.
The lender has made no changes to its underwriting standards or lending criteria, and existing valuation validity periods will remain unchanged.
Skipton said the decision reflects the difficulties borrowers can encounter between receiving a mortgage offer and completing their purchase, particularly where transactions are held up by lengthy property chains or legal complications.
By extending offer validity at the outset, the society expects to reduce the administrative burden on intermediaries who would otherwise need to arrange replacement offers for customers whose transactions have overrun.
Si Farrell-Roberts, head of lending at Skipton Building Society, said: “Getting a mortgage offer is a major milestone, but it isn’t the end of the homebuying journey. What really matters is helping customers get the keys to their home.
“Buying a home is one of the biggest financial and emotional commitments people make, but the journey from offer to completion doesn’t always go to plan. Property chains and legal delays can create uncertainty through absolutely no fault of the customer.
“That’s why we’re extending our standard mortgage offers from six to nine months. It’s about giving customers greater certainty and breathing space, reducing pressure on brokers and removing unnecessary friction from the process.
“We could see that customers with perfectly viable purchases were having to revisit parts of the mortgage process simply because their transaction had taken longer than expected. This is a practical change designed around the reality of buying a home today.”
The change places Skipton among the first mortgage lenders to introduce nine-month validity periods as standard across these mortgage categories, rather than requiring borrowers to request an extension after the original offer expires.