While it might sound bad, a mortgage retention isn’t the end of the world. It can even be used as a powerful bargaining tool – you can use it to help renegotiate the price with the seller. However, remember that if the seller refuses to negotiate, and you want to buy the property anyway, then you’ll have to make up the shortfall yourself. If you can’t renegotiate the price or afford to spend the extra cash, then you’ll simply have to look elsewhere.
If you do decide to go ahead with the purchase, you may then need to find more money to pay for the necessary repairs. This means you may need to take out a loan – so beware of early repayment charges!