TSB is extending mortgage offers for six months if borrowers have yet to exchange contracts and their home purchase has been delayed as a result of the covid crisis.

In an email to brokers the lender explained that the policy applies to both remortgage and purchase applicants who are unable to complete within the original six-month offer validity.

Where borrowers are purchasing a home and have already exchanged contracts but are unable to complete, TSB will extend the offer for three months, in line with UK Finance guidelines.

Before an offer can be extended brokers must complete a form called the “Coronavirus – Income Impact Form”, which confirms whether or not the client has been furloughed or their earnings have been otherwise affected by the pandemic.

The changes comes after Barclays yesterday confirmed it would extend offers by up to six months for borrowers who have exchanged contracts but are unable to complete due to the covid outbreak.