We're pleased to announce that from today, Monday 19 March, we're making some changes to offer extensions and valuations, and providing some clarity around disclosure forms - all of which are designed to support the new build market.
Offer extensions - all new build applications (both pre- and post-offer), will now be automatically extended before the current 6 month offer expiry date by a further 45 days (the extension is subject to a system confirmation before the offer reaches expiry that the original valuation is correct).
Valuations - we're also launching a pilot designed to speed up the timescales taken to carry out new build valuations. We will use information from earlier site visits to value new build houses which have suitable warranties and are of traditional construction, without the need to visit the site.
We are also pleased to provide some clarity around our acceptance of the new UK Finance Disclosure of Incentives form. Following the launch of the new UKF Disclosure form, we'll continue to accept both new and existing forms for a period of time. If the existing form is used we'll need the following additional information: Construction, Tenure Details, Warranty Type and Estate Charges.
For more information on our new build lending criteria, visit our dedicated webpage: