Mortgage retention!!!!!!!!!!!!!!

[jason61c]

We're buying an old house, just had a call from the valuation that all's fine however they're putting a 10k retention on the house pending a damp and timber survey. What exactly does this mean? We've got the house well under the asking price, mortgage company know we've got about 15k left to spend on it.


So have a survey then they'll release the full amount? Or them change the retention amount depending what the survey throws up?

frown

 

[RogueHanger]

The valuation cannot put the "retention" in the mortgage, but their recommendation obviously goes a long way with whoever is providing your mortgage.

I would guess that the Mortgage providers will take note of any work recommended by the Timber/Damp survey suggests is necessary and put a recommended retention on the mortgage.
When you have completed the required work the mortgage company will release that part that has been retained. They may require some sort of validation or guarrantee of the work.

 

[Danoil]

Check out this website first, quite enlightening.


http://www.heritage-house.org