Nationwide Retention

Gailk

tyllwyd wrote: »

It's not that much trouble to save the receipts though is it? Even if it is a few hundred B&Q till receipts, all you need to do is stick them in a file as you go along.

No, not at all - just now we have to have the money to pay it out to get it refunded so it will be slower.
Thanks for your help with this:beer:

Dan_Collins_2

I find this strange. Retention on what kind of work? IS it linked to the valuation? Is this a shared ownership or key worker scheme?

Retention is normally based on valuers comments. Do you have much in the way of unsecured debt?

Gailk

Dan_Collins wrote: »

I find this strange. Retention on what kind of work? IS it linked to the valuation? Is this a shared ownership or key worker scheme?

Retention is normally based on valuers comments. Do you have much in the way of unsecured debt?

Hi Dan
No shared ownership or key worker. The extra money was for non structural improvements and nothing to do with the valuation. It was at our request not the surveyor.
Having spoken to them yesterday, if you borrow over 85% LTV they will not release the extra money without invoices. We are at 88.8% I did manage to find it in the terms and conditions so don't think it is anything specific to our application. We do have a small unsecured loan - about £3000.
Its not a huge problem, but we would have like to have known this was going to be the case. The guy at NWide said yesterday that he gets the same feedback quite often. Trouble is we are now so far down the line with the mortgage and the market so unstable that we don't want to go elsewhere for the remortgage. Every other company I've looked at doesn't have this rule. We feel kind of trapped which isn't the ideal start to a new business relationship!

Dan_Collins_2

Gailk wrote: »

Hi Dan
No shared ownership or key worker. The extra money was for non structural improvements and nothing to do with the valuation. It was at our request not the surveyor.
Having spoken to them yesterday, if you borrow over 85% LTV they will not release the extra money without invoices. We are at 88.8% I did manage to find it in the terms and conditions so don't think it is anything specific to our application. We do have a small unsecured loan - about £3000.
Its not a huge problem, but we would have like to have known this was going to be the case. The guy at NWide said yesterday that he gets the same feedback quite often. Trouble is we are now so far down the line with the mortgage and the market so unstable that we don't want to go elsewhere for the remortgage. Every other company I've looked at doesn't have this rule. We feel kind of trapped which isn't the ideal start to a new business relationship!

They have changed the LTV criteria a little while ago. I think you are a victim of time and a little unlucky.

Gailk

Thanks Dan.