Advice Please!!!!!!!!!

valleylass

Hi

Am looking for some advice please

I have had an offer of £60000 accepted on a property and applied for a mortgage with C&G for £54k. When I put the offer in on the property I was aware it needed a lot of work doing to it hence the low price.

I had a homebuyers survery undertaken and it came back requesting additional surveys ie electrical, timber and damp and structural. Nothing of any surprise has come back on the reports. However C&G are now saying that they wont lend the money until the works have been completed. I went through a mortgage broker to get the mortgage and he is now avoiding my calls. My OH has used him before and all has been fine, but now he just doesnt seem interested.

Am i better to cancel the mortgage with C&G and look for another provider?

Thanks in advance

silvercar

I guess they feel it won't be good security for the loan until the work is completed.

Quite normal to have a retention if important works are needed quickly. Once the works are completed they will release the rest of the funds. It does mean that you have to fund the works before getting the rest of your mortgage, which may be an issue.