The lender's DIP validity now aligns with its offer period
Hampshire Trust Bank (HTB) has announced that it is extending the validity of its decision in principle (DIP) from 30 to 90 days across its specialist mortgage product range.
The specialist lender has also recently extended its offer period, which is now valid for 90 days too.
The extension, HTB said, provided a single, simplified deadline, reducing multiple timeframes before and after the issuance of a DIP and pre-offer. The decision to extend DIPs was also made to reduce the administrative burden and give brokers more time to support their clients.
HTB, however, clarified that a DIP must be accepted within 30 days by instructing a valuation.
“Providing an extended DIP, now aligned with our offer period, is our way of simplifying the number of deadlines brokers need to track and progress a case,” stated Chris Daly (pictured), managing director of specialist mortgages at Hampshire Trust Bank.
“It’s a small change with big impact, reducing the administrative burden of a deal, and giving back valuable time which in turn allows brokers to focus more on their clients and the options available to them.”
HTB provides professional investors with specialist residential and semi-commercial loans up to £25 million for limited companies, offshore entities, expats, and foreign nationals.
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