Mortgage Retention

zeeww_2

hi, i am due to complete next week, but now the lender has come back to say that because of me buying a new build, and the roadworks agreement between the builder and Highways Agency is still in process of being produced, the lender will impose a retention of 3k of the mortgage total.

so if i wanted to go ahead to complete, i will need to fork out 3k to complete, as the builder accepts no retention (stated in contract), although it's them who's dealing with the roadworks agreement.

anyone had this experience before, is it normal, or any way to get around that?

thanks!

UK007BullDog

Nope, you gotta find that £3K unless the builder relents.

zeeww_2

so does that means when the agreement is in place, the lender will release the remaining 3k into my bank account?

thanks!

UK007BullDog

Yup, they will, then you get the money paid out to you.