Hello,
I am looking for some advice as a first time buyer.
We have a mortgage agreed for 90% LTV on a property as first time buyers.
The survey suggested a £7000 retention which the mortgage company (Abbey) have enforced. Offer on property was £220,000, mortgage company has valued the property at £213,000 without the work suggested being completed.
I understand that they will not release this money until work highlighted is completed - my question is, if we chose to go ahead with purchase and do not complete the work within 6 month period can they withdraw the mortgage?
Sellers are not willing to reduce price although we are trying to resolve some of the issues and have arranged a builder to give a quote on work needed to see if the mortgage company will reduce retention.
This is all very new to us and confusing! Any advice around retentions?
Thanks!
I am looking for some advice as a first time buyer.
We have a mortgage agreed for 90% LTV on a property as first time buyers.
The survey suggested a £7000 retention which the mortgage company (Abbey) have enforced. Offer on property was £220,000, mortgage company has valued the property at £213,000 without the work suggested being completed.
I understand that they will not release this money until work highlighted is completed - my question is, if we chose to go ahead with purchase and do not complete the work within 6 month period can they withdraw the mortgage?
Sellers are not willing to reduce price although we are trying to resolve some of the issues and have arranged a builder to give a quote on work needed to see if the mortgage company will reduce retention.
This is all very new to us and confusing! Any advice around retentions?
Thanks!