Like-for-Like Remortgage Complicated by Property Condition Issues
£178,000 · 15 years · 4.75% fixed 5 yrs. A homeowner's fixed rate was expiring and a product transfer with the existing lender was declined after a desktop valuation flagged concerns about the property's condition - s...
The Client
Homeowner's fixed rate
The Challenge
A homeowner's fixed rate was expiring and a product transfer with the existing lender was declined after a desktop valuation flagged concerns about the property's condition - specifically a partially completed kitchen extension. The existing lender referred the application back to full valuation, which further highlighted the incomplete works.
Our Solution
Doulton identified a lender willing to proceed with a retention on the incomplete works element - holding back a small portion of the loan until the extension was signed off by a building inspector. The retention was released within six weeks of the mortgage completing once the works were finished.
The Outcome
Remortgage completed without the client having to rush expensive building works before their rate expired. The retention was structured around the client's build programme. Works completed and retention released within the agreed timescale. Key highlights: Retention structure solved incomplete works impasse; Existing lender product transfer declined - whole-of-market search essential; Retention released within 6 weeks of completion as planned.