How to appeal/contest Satander/Abbey offer?

cscottie86

My mortgage advisor (independent) has gone AWOL and Abbey have put a retention on my mortgage which makes little sense.

Whilst I appreciate that it is Abbey's decision on who they lend to/and what they lend - I want to appeal the retention imposed.

When I have spoken to someone in a call centre, they have said I must go through my advisor - but as this doesn't seem to be an option - how can I go about speaking/appealing to Abbey directly?

amnblog

I suspect you are wasting your time and energy.


Why has the retention been applied?

cscottie86

Thanks for your response - its still worth me trying as a FTB.


The property is has been valued at the purchase price with some damp proofing and maintenance works required. however the retention amount overvalues the property with its current market value (abbeys surveyor) matching the purchase price.

amnblog

I don't know what you mean.


Are you saying they are retaining the full mortgage until the damp proof and other works are complete?


if so it is the vendor's problem - don't make it yours.

Thrugelmir

The surveyor is saying that the property is worth the purchase on the condition that the minor repair works are done. The lender reduce their offer by the retention amount.

So your options are to get the vendor to complete the works.

Revise your offer to take account of the actual cost of the works. Once complete to the lenders satisfaction they'll release the retention held.