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Mortgage Retention Advice
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gundarmode
Posts: 5 Forumite
Hi,
We are at the tail end of buying our house of £140,000 and we are borrowing £50,000 with £90,000 deposit. Our lender (Halifax) have offered the mortgage 4 weeks ago but today ive been told there is a £10,000 retention regarding the un adopted private road which I find astonishing considering we are only borring £50,000.
The house is a new build and the developer is refusing to go into a defecit with the retention and now it falls down to me to take action.
Is there any way around this? Im asuming the road wont be done until all the houses are built (probably in a years time). Should I put down another £10,000 deposit and take out a lower mortgage?
This feels very harsh on us considering we were going to organize a completion date for friday and now we are hit with this retention out of nowhere
Thanks
We are at the tail end of buying our house of £140,000 and we are borrowing £50,000 with £90,000 deposit. Our lender (Halifax) have offered the mortgage 4 weeks ago but today ive been told there is a £10,000 retention regarding the un adopted private road which I find astonishing considering we are only borring £50,000.
The house is a new build and the developer is refusing to go into a defecit with the retention and now it falls down to me to take action.
Is there any way around this? Im asuming the road wont be done until all the houses are built (probably in a years time). Should I put down another £10,000 deposit and take out a lower mortgage?
This feels very harsh on us considering we were going to organize a completion date for friday and now we are hit with this retention out of nowhere
Thanks
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