Santander will grant temporary one-month mortgage offer extensions for remortgage and purchase clients as it has experienced a “high volume of mortgage applications”.
The lender said that as application volumes were high this could mean the time to offer was longer, and as it valued broker business it wanted to “help you manage this with your clients”.
Remortgage and purchase clients have been automatically granted a temporary one-month maximum extension for mortgage offers.
The lender said that the case must be 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.
It said that the offer extension would be based on the offer expiry date and its solicitor panel had been made aware of the changes.
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Santander’s average time to offer as of 4:30pm on 12 July was 11 days for residential cases, while for buy-to-let it was 14 days.
Lender service levels have been under pressure as interest rate changes have led to heightened levels of mortgage activity, leading to repricing which has also had a knock-on effect on brokers.