After Valuation

bethuk1

Hi all,

currently waiting to hear back from Nationwide about the progress of our application. We are completely in the dark we haven't had any communication through email or text to say it's valued up (valuation was the 5th September) luckily I've been in good communication with my mortgage advisor who said its valued up but with a 1k retention in place for damp. He says the mortgage will still proceed as normal now. However our buyers are getting extremely anxious and pushing us to move as quick as we can (we won't be pushed but we also don't want to lose this sale!!)

In peoples experience, if the house has valued up with a retention (which is fine with us) is there still a chance we won't get an offer through? Will there still be further checks on us that could jeopardise the offer (we've been paying for 2 houses for the last year and its damaged our cash-flow somewhat) Or are we just waiting on the offer to come through now??

People don't lie when they say this is one of the most stressful things in life!!! Thank you for any words of wisdom!!

I forgot to mention we are porting our current mortgage deal and borrowing no extra money. However we're moving from a house in 10k negative equity to one with about 20k equity in it already.

bobsyourteapots

bethuk1 wrote: »

Hi all,

currently waiting to hear back from Nationwide about the progress of our application. We are completely in the dark we haven't had any communication through email or text to say it's valued up (valuation was the 5th September) luckily I've been in good communication with my mortgage advisor who said its valued up but with a 1k retention in place for damp. He says the mortgage will still proceed as normal now. However our buyers are getting extremely anxious and pushing us to move as quick as we can (we won't be pushed but we also don't want to lose this sale!!)

In peoples experience, if the house has valued up with a retention (which is fine with us) is there still a chance we won't get an offer through? Will there still be further checks on us that could jeopardise the offer (we've been paying for 2 houses for the last year and its damaged our cash-flow somewhat) Or are we just waiting on the offer to come through now??

People don't lie when they say this is one of the most stressful things in life!!! Thank you for any words of wisdom!!

I forgot to mention we are porting our current mortgage deal and borrowing no extra money. However we're moving from a house in 10k negative equity to one with about 20k equity in it already.

what is the retention for?