The mortgage offer validity period has been increased from 90 days to 120 days.
Pepper Money said the offer validity extension comes at a time when “slow-moving chains” have led to a government consultation to improve the home buying and selling process.
Figures from Zoopla suggest that property transactions are taking up to five months from an offer being accepted to completion, so Pepper Money said the extended offer validity period is “much-needed in the current market dynamics”.
The firm said Docusign would be added to its first charge mortgage business for customers to complete and return their mortgage offer acceptance documents.
This will replace password-protected PDFs with a secure digital signing process and enhance the faster turnaround times, allowing clearer visibility over document completion and improved customer experience.
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Paul Adams (pictured), sales director at Pepper Money, said: “Brokers consistently highlight industry-wide hurdles, slow processes and uncertainty facing their customers, so these enhancements are a direct response to that. Moving offer validity to 120 days provides much-needed breathing space for customers, particularly where chains are moving slowly, and reduces the administrative burden of repeated extension requests.
“This added flexibility will prove particularly beneficial for customers in more complex chains, including many in the shared ownership market, where timelines can be less predictable. Introducing DocuSign is another step toward a more efficient mortgage journey, giving brokers and customers a quicker, clearer and more secure way to return offer acceptance documents. We’re committed to continuing to improve the experience at every stage.”
