Retention figure query

callansdad

Hi all,

We are about to apply for a further advance on our property ... my question is
If the valuation says for instance £70,000 in present condition and £85,000 after essential repairs and advise retention of £15,000.

Will the bank use 7£0,000 or £85,000 as the actual valuation for lending?

i.e. will we get advanced up to 90% of £70,000 or can we get up to 90% of £85,000 (with £15 held back till work completed)

Any ideas

Its RBS by the way

Madjock

they will work on the £70k as the value, so lend you 90% of that, but with £15k held back for essential works.