Giving survey/ info to a mortgage company?

mosaicsquares

We have already had our mortgage offer through fine with a basic valuation which didn't pick anything up.

We have since had a private building survey which has thrown up some issues that need further investigation by a structural engineer on the property we wish to buy. - ie overloaded roof possibly needing more bracing.

In my naivity I asked my mortgage adviser some hyperthetical questions about how this might potentially affect our mortgage offer, and how it works if we negotiate a reduced price. He asked me for more information to clarify... he then went straight off to the underwriters and discussed it with them! I feel like I've put my foot in it...

They say it will depend on what the structural survey comes up with, but should we be showing them our report?? I'm inclined to think not, but are they now going to want reassurance that nothing to major needs fixing?

Very confused, I feel I was duped into giving details when I was looking for general advice? Your thoughts please...:(

Thrugelmir

If the offer price for the property is amended. You'll need to inform your lender in any case.

The reasons for the price change shouldn't impact the lenders decision.

amnblog

Don't confuse two issues here.

The Lender's interest in the property extends to whether they will get their money back if they have to repossess.

They have little interest in remedial or maintenance costs you may incur provided they are safe.

The survey you have suggests there may be major issues with the property, so perhaps you should not be buying it in any case.

mosaicsquares

Hi and thanks,
are we obliged to show them our structural survey?

mosaicsquares

The survey suggests there 'may be potential' issues with the property. These aren't so serious that it puts us off buying so far...many older properties have these same faults.. and it would be a nice home for us too.

It's hard to get a straight up answer about what a mortgage company will do, that's the annoying part.