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Valuation survey recommends retention fee, mortgage offered without retention
mrporkchop
Posts: 5 Forumite
First time poster, long time lurker!
Our mortgage valuation has recommended a retention fee and has undervalued the house by that amount.
The mortgage offer document makes no mention of the retention fee and has offered the full amount of money required for the purchase.
Has it been overlooked? Has the lender (HSBC) chosen to ignore the advice of their own valuation survey?
Our mortgage valuation has recommended a retention fee and has undervalued the house by that amount.
The mortgage offer document makes no mention of the retention fee and has offered the full amount of money required for the purchase.
Has it been overlooked? Has the lender (HSBC) chosen to ignore the advice of their own valuation survey?
0
Comments
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I had the same with HSBC, surveyor advised a £3k retention but HSBC ignored it and offered the full amount. My house was valued at what I had offered though. What percentage are you borrowing? I was borrowing under 50% and thought that could have something to do with it.0
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The amount being borrowed will determine the risk to the lender, which in your case, has decided its bottom is adequately covered.0
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Some lenders don't do retentions. They will either offer the mortgage or refuse.Changing the world, one sarcastic comment at a time.0
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Thanks for the responses. I'm borrowing 60%, which i guess is why they've not imposed the retention fee.0
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