Mortgage Retentions

mikioninja

I need some information clarified regarding what it means when a mortgage company says that they are to retain money from your mortgage offer?

To cut a very long story short the mortgage company said they wanted to retain £3000 for work that needed to be completed regarding some window lintels.

I am right in thinking that this means that we could still complete and exchange, but all we would need was the extra £3000 to cover our offer?

Or do we have to wait? (As we have been??)

silvercar

They retain the £3000 until you have done the work.

So you need the extra £3000 to cover your offer plus money to do the work. Once the work is done you get the £3000.

opinions4u

I'd suggest reducing your offer to reflect this.