Move aims to address broker concerns over offers expiring due to construction delays
Santander UK has extended the validity period for its new build mortgage offers to nine months, effective immediately.
The move adds three extra months to the previous six-month term and is aimed at easing uncertainty around construction delays for brokers and homebuyers. The lender said the decision would help address a common issue in the new build sector — delays in property completion that often lead to expired mortgage offers.
According to Santander’s own research, 85% of mortgage brokers see growing demand for homes in newly developed towns across the country, with more than four in five suggesting that such developments could reshape the homeownership market. However, nearly all brokers surveyed (99%) reported experiencing difficulties when handling new build transactions. A third of brokers highlighted that delays in construction often result in mortgage offers expiring before completion.
“New build properties account for one in 10 of all property sales in the UK, and with the government’s ambitions on new towns, we can expect that proportion to grow,” said Graham Sellar, head of Santander for Intermediaries.
“We know from talking to our brokers that while there is a lot of opportunity, there are also particular challenges when supporting a customer with a new build purchase. We hope our extended validity period gives brokers and customers confidence that Santander is ready to support them with unexpected hurdles along their homeownership journey.”
In addition to the validity extension, Santander has expanded its range of new build mortgage products. The bank has rolled out 43 new options, covering two- and five-year fixed, as well as two-year tracker deals. These span loan-to-value bands from 60% to 95%, and include offerings with cashback and no fees.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
