HSBC boosts resi offer times, Skipton BS reduces BTL stress rates   – Mortgage Finance Gazette

The bank says its move will allow non-new build mortgage offers to be extended by 30 days to 210 days from 180 days.  

New build mortgage offers can be extended by 90 days to 270 days from 180 days.  

The lender says an offer extension can only be requested where:  

• The original offer is within the last 30 days of the offer validity period  
• There are no other changes to the application, or the customer’s personal circumstances  

Customers who request an offer extension can retain their existing product and the bank does not need any supporting documents. Only one offer extension request per application can be made.  

But the lender adds if there is a change to the application, or the customer’s personal circumstances at any point during either the original or extended offer period, the application will need to be updated and resubmitted for review.  

HSBC adds that it has updated its processes when making a change to an existing mortgage application:  

• Changes to an application made outside the last 14 days of the original offer validity period will see any revised offer issued with the same validity period  
• Changes to the application made within the last 14 days of the original offer validity period will see any revised offer issued with a validity period of no more than 14 days  

Meanwhile, Skipton Building Society has made the following cuts to its buy-to-let stress rates:  

• For products with a fixed-rate term of less than five years, its BTL stress rate has reduced to 7.05%  
• For products with a fixed-rate term of five years or more, its BTL stress rate has reduced to 5.99%