Santander extends mortgage offer expiry dates
Santander has granted a one-month mortgage offer extension for remortgage and purchase customers following a “high volume of applications”.
The lender said it has been experiencing a high volume of mortgage applications recently, which means the time it takes to offer “is likely to increase”.
Santander mortgage offers are valid for six months (subject to availability criteria), but it has granted a temporary and automatic one-month maximum extension, based on the offer expiry date.
This applies to both customers who have applied directly with Santander, as well as borrowers who have used a mortgage broker.
However, the case must complete by 31 January 2023, and be subject to a “satisfactory valuation”.
Santander added that this extension excluded mortgage guarantee scheme products, which must complete by 30 November 2022.
Santander’s average time to offer as of 12 July was 11 days for residential cases, while for buy-to-let, it was 14 days.
A Santander spokesperson, said: “Due to continued high demand in the mortgage market and to allow more time for transactions to complete we’re temporarily extending mortgage offers by one month for purchase and remortgage customers.
“This will help ensure that customers are able to complete on their mortgage at the original rate. The offer extension is automatic so there is no requirement to apply for it or contact us.”
Lender service levels have been under pressure recently as interest rate changes have led to heightened levels of mortgage activity as borrowers look to lock in cheap but rising fixed rate deals.