homebuyers taking out a mortgage with several of the nation's largest lenders will have an extra three months added to the length of their deals.
Halifax has extended the duration of its mortgages for new buyers this week. This comes as many homeowners have struggled to complete on purchases and property chains have fallen apart.
For homebuyers securing a two-year fix, the extension would increase a mortgage term from 24 months to 27. The move will help to counteract delays in conveyancing or completing a purchase.
Lloyds bank and Darlington Building Society have also extended their mortgage deals by three months and Leeds Building Society increased its mortgage terms by one month.
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Owners unable to sell their flats because of unsafe cladding will soon see the end to years left in limbo.
From January 9th, six major banks will scrap their ban on lending on hundreds of thousands of medium to high-rise homes deemed a fire risk.
Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander will consider mortgage applications on buildings in England more than 11m (36ft) tall which have the cladding.
Lenders have loosened restrictions after guidance from the Royal Institute of Chartered Surveyors on how to value such properties. Borrowers will need to prove that removal of the cladding will be covered by the developer, a Government scheme or leaseholder protections.
The Bank of England today voted to raise interest rates by 0.5% from 3% to 3.5% - a level not seen since October 2008.