mortgage offer

sunshineband

Hi all, Just need a bit of advice from people with experience! we are FTB's and we had a valuation survey and a structural survey carried out at the same time. Had a call from our Lenders who have said that the property is valued at what we have offered which is good and that we are due to get our mortgage offer paperwork shortly, we are waiting for our structural survey copy but the lender said there were no adverse comments and there was no retention on the property (little confused by what this means) so is it sage to assume that any work that does need to be done wont be too major?

htb

Yes you can assume there wont be anything major if they are willing to lend and are putting a mortgage offer out to you, its a positive.

(Valuations are usually always capped at the 'sale price' in my experience). Retention is when they hold back (retain) some of the mortgage money pending remedial works that (as determined by the report/s) need to be done immediately...

htb

although I should add... a valuation is separate from a structural survey which is more detailed.. reading your post the first time I thought the lender had a copy of the structural survey (and you were awaiting it)? If they have had a copy of the structural report and there is nothing adverse on it and they are offering you the mortgage, then there should be no immediate major works required.