Retention?

laneycakes

If it makes you feel any better the mortgage valuation surveyor recommended a £2000 retention on our mortgage but the bank (HSBC) decided they wouldn't go with his recommendation and offered the full amount.

ellyp95

@stator yeah they asked for someone part of the PCA to do the survey and reports, so we made sure of that thanks.

@laneycakes oh that sounds quite positive! I would have thought our lender is thinking more along the lines of what the valuer has said as the message we got from our mortgage broker was 'virgin are holding a retention'. I do hope it is removed after they see that the survey we have had carried out is sooo much lower than what the valuer estimated!

ellyp95

@RhysHSCC

We FINALLY got an answer from the lender this afternoon. They have reduced the retention to £3000, but have stated that if we can get the vendor to pay for the works doing to the house (or pay half with us) then the retention will be removed and we are all good to proceed. So another waiting game for the vendor to get back to us!

Fingers crossed.