Leeds Building Society has extended the validity of mortgage offers for home loans.
In response to feedback from customers, mortgage brokers and developers, the mutual is extending the validity of mortgage offers from three months to six months. This will apply to existing as well as new mortgage offers.
Martin Richardson, Leeds Building Society’s general manager – business development, said: “Making the mortgage offer valid for longer will help borrowers who are buying a new property, or buyers who may be stuck in the middle of a chain of transactions.
“There can be delays at any stage of buying a home, whether or not it’s a new build, and mortgage offer time limits can increase pressure on borrowers at an already stressful time.
“By doubling the length of time a Leeds mortgage is valid, we hope to take away this added pressure on borrowers and further streamline our offer process.”