Mortgage retention options/making up the price difference after homebuyer survey

JT1987LBN

Hello everyone

I've had some fantastic help from this forum previously so thought I'd pop another Q on here.

Our homebuyer survey came through for a house we are looking to buy the other day, and we have renegotiated a lower price with the seller, however we didn't knock the price down to the amount on the valuation (we're not too upset about this as we already had a fair price for the house). My question is, what are our best options with our mortgage, in order to get the speediest move possible?

We have a difference of £1500 between the sale price of the house, and our mortgage offer so we will lose £1500 whichever way round you look at it. We've been told we can have a mortgage retention. We have the money in the bank in order to simply pay the £1500 difference. Will that be easier than going down the retention route? Are there any issues with doing it that way (and is that even an option?!) Our goal is getting moved in and getting started on the house as soon as possible.

Edited to add, is one of the above options less work for solicitors to prevent delays?

I've probably not worded that quite right so please let me know if I've missed any important info.

Thanks!

MovingForwards

Normally you would pay the solicitors the extra £1500 when you pay your deposit money over, plus solicitors fees etc, they add that to the mortgage money from the lender and it all goes over to the sellers solicitors.

A mortgage retention is when there's work needed on the property, the lender holds back the retention figure and pays it out when the work is done.

If your lender has valued it, you've negotiated a slightly lower offer, the difference to pay is £1500, that's what you have to pay for the purchase to complete.

Have you informed the lender of the new agreed price?