Allowance advice

taly_70uk

Hi I really need some assistance. I have a mortgage offer that's been accepted. However since the survey results came back I agreed with the seller that she would give £1k allowance to pay for some of the issues on the chimney and roof as she doesn't have the time to do this before our ideal moving date. My broker and solicitor spoke to nationwide who the mortgage offer was with to advise this, however they seem to not understand and are classing it as a cash incentive and are looking to reduce the property purchase price and deposit have said my previous offer is now not available and new offers have obviously increased in rate and would then take another 8-10 days to agree. The mortgage broker is saying one thing and the solicitor another and Nationwide won't talk to me..... Please can anyone provide any advice or alternate options for this. Thanks

K_S

@taly_70uk With respect to mainstream residential purchase mortgages, generally speaking there is no provision for an 'allowance' for repairs/defects in the manner you have described, hence it being interpreted as a 'cash incentive'. 

The simplest way to do this would be a reduction in the purchase price by 1k (I understand that this doesn't mean 1k in cash in your hand). The purchase price and loan amount can be amended post-offer without needing to choose a new rate.