The policy will come in to effect tomorrow and means customers could have a total offer period of up to 12 months.
This will be subject to a successful credit search and property valuation.
The lender said it acknowledged the complexity of the new build process and that it could take longer than six months from the customer agreeing to purchase the property to getting the keys.
Brokers can request an extension by populating an offer extension template, where they will need to provide a declaration to confirm the customer’s current financial circumstances including any changes since the initial assessment.
The offer extension will be valid for six months from the point the extension is agreed.
No customer fault
Senior corporate account manager Luke Christodoulides said the extension reflected NatWest’s commitment to the market.
“Often through no fault of customer, broker or builder completion deadlines can change and this enhancement will mean that our offers can be extended to provide peace of mind,” he said.
Legal & General Mortgage Club new build manager Craig Hall added: “This provides certainty and peace of mind for all parties involved in the home buying process, and will be positively welcomed by both customers and intermediaries.
“This extension is in line with the majority of lenders operating in the new build market but also supports their growth aspirations into this sector further.”
