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Mortgage retentions
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keelyz89
Posts: 3 Newbie
Hi,
I have had a mortgage offer accepted, however the house I am purchasing has had to have 3 different surveys/reports and requires work. The building society are going to retain £9122 of a £89000 mortgage. The house price is £109000 and I have a £20000 deposit.
I'm very confused as to what happens now. Do I get the work done before continuing with the sale of the house, and do I pay for the work or does the vendor.
If I go through with the sale without getting the work done straight away, do I need to find the other £9122 to pay the vendor and then find money to complete the works that need doing.
Please help! I am a first time buyer and a lot of this is going over my head!
Thanks
I have had a mortgage offer accepted, however the house I am purchasing has had to have 3 different surveys/reports and requires work. The building society are going to retain £9122 of a £89000 mortgage. The house price is £109000 and I have a £20000 deposit.
I'm very confused as to what happens now. Do I get the work done before continuing with the sale of the house, and do I pay for the work or does the vendor.
If I go through with the sale without getting the work done straight away, do I need to find the other £9122 to pay the vendor and then find money to complete the works that need doing.
Please help! I am a first time buyer and a lot of this is going over my head!
Thanks
0
Comments
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Are you asking the vendor for a price reduction, or to get the work done?
How this will work out is dependent on the answer to this question.
No broker working for you?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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