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    • KMT
    • By KMT 10th Apr 18, 1:33 PM
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    KMT
    How likely is retention of mortgage?
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    • 10th Apr 18, 1:33 PM
    How likely is retention of mortgage? 10th Apr 18 at 1:33 PM
    Hi, husband and I and my sister are in the process of buying a house. We have had a full general survey done and are aware that work needs to be done. The property is around 140 years old. Purchase price is 425K, deposit of around 80K. Lenders valuation has valued it in present condition at the purchase price and after improvements at 440K but has asked for roof/chimney report and damp and timber report as an essential condition of mortgage. Are they likely to retain any of the mortgage funds until work is done? Nothing about retention is mentioned on the valuation.
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