New build offers are still valid for six months, but buyers who experience small delays in the building process will now be able to automatically extend offers by up to 45 days, without having to make a fresh application.
The extension is subject to confirmation that the original valuation is correct before the offer reaches expiry.
At the same time, Nationwide has launched a pilot in conjunction with Countrywide Surveying Services designed to speed up time taken to carry out new build valuations.
The pilot will use prior site visits and other essential information to try to accelerate the production of valuation reports.
Andy Dean, Nationwide’s head of new build and intermediary support for Nationwide, said: “We’ve listened to broker and builder feedback and the introduction of the automated 45-day offer extension gives reassurance to customers and brokers from the outset that unforeseen circumstances such as build delays can be accommodated.
“Furthermore, the launch of the new build valuation pilot in conjunction with Countrywide Surveying Services further enhances what we offer those looking for mortgages on new build property, with the aim of speeding up the application process and further improving the customer journey.”
