Nationwide Building Society is enhancing measures to ensure that existing mortgage applications can continue to be progressed.
These measures will also apply to the society’s buy-to-let arm, The Mortgage Works (TMW).
For extending mortgage offers, if a customer’s mortgage offer is within 30 days of expiry and needs an extension due to the current uncertainty, Nationwide will extend it by three months.
These extensions will be assessed on a case-by-case basis and after confirming there are no other material changes to the customer’s situation.
As a result of the latest government advice, valuers are currently unable to carry out physical mortgage valuations.
Nationwide and TMW are using alternative methods, such as via automated valuation model and remote desktop, to carry out as many valuations as possible.
If a valuation cannot be completed via either of these alternative methods, Nationwide and TMW will contact either the customer or broker to confirm that the valuation has been placed on hold until government advice allows physical valuations to be resumed.
Henry Jordan, director of mortgages at Nationwide, said: “We understand how much stress and uncertainty those either moving to a new house or into their first home are currently facing, especially if they encounter an unexpected delay.
“As the UK’s second largest mortgage lender, we continue to work hard with our valuation and conveyancing partners to progress all ongoing applications as quickly as possible.
“With this latest announcement, we hope to provide reassurance to homebuyers that they will not lose out if there is a delay in their house move because of the impact of coronavirus.
“We continue to monitor for any updates to government advice and in this ever-evolving situation, while we continue to progress applications, we ask members and brokers to bear with us and thank them for their patience during these unprecedented times.”