2006-07-12 01:30:38 · 2 answers · asked by abi7112003 1 in Business & Finance ➔ Other - Business & Finance
Where there is some remedial work required to a property, a lender may apply a retention to the loan pending the completion of that work - essentially it means that they will not release the full amount of the loan until you have had the work done..... once the work is completed to the required certification, then they will give you the remaining money.....
2006-07-12 01:34:25 · answer #1 · answered by eriverpipe 7 · 0⤊ 0⤋
This is usually where the lender holds back a sum of money from the mortgage until certain work has been carried-out.
Unless you have left yourself sufficient 'moving expenses' to cover the amount of the retention, this may involve you having to take-out a 'bridging loan' in order to cover both the retention and the cost of getting the work done.
Once, the lender is satisfied that the work has been carried-out satisfactorily then they will pay you the retention.
2006-07-12 01:42:27 · answer #2 · answered by Martin G 4 · 0⤊ 0⤋