I have an appointment to view a property on Sat.
It looks amazing - it's on the market for offers around £295,000 the estate agent told me he thought it needed around £200,000 of work to completely restore it and though it is habitable he thought the bank would place a 'massive' retention on it. I was so shocked I didn't think to ask how much he though this would be and where he got these figures from. Anyway I'm not totally put off, this house would be a loooong term project but a forever home, I have a very handy husband and family.
Does anybody know if some lenders are more likely to put retentions on than others? We don't have £200,000 upfront to spend on repairs but could manage around around £100,000 and still get a decent mortgage and have money each month to spend on work. But if the bank retain that £100,000 how do we get the money to do the work....................
It looks amazing - it's on the market for offers around £295,000 the estate agent told me he thought it needed around £200,000 of work to completely restore it and though it is habitable he thought the bank would place a 'massive' retention on it. I was so shocked I didn't think to ask how much he though this would be and where he got these figures from. Anyway I'm not totally put off, this house would be a loooong term project but a forever home, I have a very handy husband and family.
Does anybody know if some lenders are more likely to put retentions on than others? We don't have £200,000 upfront to spend on repairs but could manage around around £100,000 and still get a decent mortgage and have money each month to spend on work. But if the bank retain that £100,000 how do we get the money to do the work....................