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Retention on Mortgages
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Turned down for what in six months time?
You'll be drawing down the money from a mortgage you have agreed at the point of completion.
I suggest you ask your adviser to explain to you how a retention works.
To clarify, you apply for the mortgage now as you buy the property. It is offered, subject to a 100% retention until the work is done.
You borrow the money you need from your relative to buy and finish the property.
When finished, you arrange for the surveyor to reinspect the property which triggers the payment of the mortgage money to you, via your solicitor.
You repay the money you borrowed from your relative.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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