Santander has announced that all of its new build mortgage offers will now be valid for a standard nine months, increasing from six.

The bank said the extension is designed to help brokers and their customers alleviate concerns, should a building completion that take longer than expected, providing greater certainty when buying a new build home.

Santander recently found that 33% of brokers had experienced issues with a delay in building completion and mortgage offers expiring as a result.

In cases where there is concern that the property will not be completed within nine months, a three-month extension can be applied for.

Head of Santander for Intermediaries, Graham Sellar, said: "New build properties account for one in ten of all property sales in the UK, and with the Government’s ambitions on new towns, we can expect that proportion to grow.

"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."

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