The lender said that it would waive early repayment charges if existing borrowers secured a rate during this period.
After a system upgrade, TSB added that it would give mortgage brokers the option to select the month they want their client’s mortgage to switch.
The upgrade also means that brokers can also arrange additional borrowing for their clients.
The application can be submitted as a separate transaction on the same day as a rate switch, and TSB added that additional borrowing and rate switch pricing is aligned.
TSB said that the decision to extend rate validity period was partially driven by the Bank of England’s decision to increase the base rate from 0.25 per cent to 1.75 per cent and existing borrowers will consequently be considering their options when they review their mortgage.
It added: “In view of the rising cost of living, it’s never been more important for borrowers to save money, and with a mortgage being one of their biggest financial commitments, it’s crucial that their existing mortgage product meets their needs and circumstances.”
TSB also noted that its business development managers were committed to returning calls within three working hours and its regional case management teams, along with dedicated new build and self-employed experts could “provide focused support”.
Family BS to offer three-month application validity period
Family Building Society will now offer a three-month application validity period and a three-month validity period from the date of the mortgage offer.
Darren Deacon, head of intermediary sales at Family Building Society, said: “As soon as an application has been assessed, documents received and a valuation carried out, our team will make a formal mortgage offer, valid for three months for fixed rate loans and five months for variable rate loans.
“This new approach will provide greater flexibility and clarity for borrowers and intermediaries.”
