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.
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.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
