The mutual said this would reduce unnecessary pressure during the transaction process, and follows recent broker insight suggesting some mortgage offers were timing out of the exchange process.
The change will apply to residential purchase, remortgage and buy-to-let (BTL) mortgage offers from 27 October and additional borrowing offers will be extended from one month to three.
Skipton Building Society said the change made it among one of the first lenders to make nine-month mortgage offers standard, a decision it said would give borrowers more certainty.
The change will also mean fewer cases will need to be replaced purely because a transaction has overrun, reducing administration for brokers and their clients.
Eligible standard mortgage offers will continue to be able to access a further three-month extension, subject to Skipton’s requirements.
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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.”
He added that the extended mortgage offers would give borrowers more breathing space and reduce pressure on brokers.
Farrell-Roberts said: “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
“We want more customers to successfully complete their homebuying journey, not get caught up in avoidable process. Making nine-month offers standard is another way Skipton is challenging traditional approaches to lending and focusing on the things that make a meaningful difference to customers and brokers.”
