This is an increase of three months versus the previous new-build mortgage offers.
The lender said the extension was intended to “help brokers and their customers alleviate concerns should a building completion… take longer than expected, providing greater certainty when buying a new-build home”.
Research from Santander has found that a third of brokers have experienced problems with a delay in building completion and mortgage offers expiring as a result.
The firm said if the property will not be completed within nine months, a three-month extension can be applied for.
Graham Sellar, head of Santander for Intermediaries, said: “New-build properties account for one in 10 of all property sales in the UK, and with the government’s ambitions on new towns, we can expect that proportion to grow.
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“We know from talking to our brokers that while there is a lot of opportunity, there are also particular challenges when supporting a customer with a new-build purchase. We hope our extended validity period gives brokers and customers confidence that Santander is ready to support them with unexpected hurdles along their homeownership journey.”
The change comes off the back of the launch of around 43 new-build mortgages between 60% and 95% loan to value (LTV). This includes two- and five-year fixed rates and two-year tracker rates.
