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Valuation Retention drops to less that required LTV
scriblesvurt
Posts: 127 Forumite
Hi I have just had a valuation for a mortgage (RE) that has come in at 80K with a recomeneded 2k retention so 78k. In order to get the 60k the Chelsea will only approve a 75% LTV. This would make the required valuation to be 80K. So how will the retention affect this? Will they say that its only valued at 78k and therefore the LTV is too high and not approve or will they approve but hold back 2k till the work is done? Also I have had some builders out and they have said that the work can be done for about £100 and is not actually required. Can this Official builders report be sent to the survey for them to reconsider?
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