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Mortgage Retention.
Marsupial
Posts: 14 Forumite
Hi,
I have a mortgage offer, but it's come with a retention. Vendor isn't interested in making the required repairs, could I take out a credit union loan to pay the shortfall (2K), or will that endanger the mortgage?
I have a mortgage offer, but it's come with a retention. Vendor isn't interested in making the required repairs, could I take out a credit union loan to pay the shortfall (2K), or will that endanger the mortgage?
0
Comments
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Any additional credit may affect your mortgage offer - do you have enough deposit or are your figures that tight?0
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You mean, could I pay the retention out of the deposit? It wouldn't quite cover the full amount.0
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Reduce the purchase price you are prepared to pay.0
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Yes applying for a loan would endanger your mortgage offer. Your options are: renegotiate the price, persuade the seller to do the work, pay the shortfall, or walk away.
If you can get the work done swiftly you could consider short term finance like 0% credit card, low interest overdraft, family loan etc. You should then be able to pay it back in full when the retention is released by the lender.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.0
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