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Mortgage For Builder's Finish?

  • 24-09-2014 2:03pm
    #1
    DrBass
    Registered Users, Registered Users 2 Posts: 92 ✭✭


    Hey everybody,

    We are currently interested in a house that has a builders finish, and estimate finishing cost to be completed for 25k.

    My main question is how does finance work for this, has anybody went through this process and could explain to me how it works.

    Lets say house is on the market for 200k. plus it needs 25k to finish - total value = 225k.

    I understand that bank will offer mortgage to value of 200k (this is not the issue), and will probably offer us 90% of 25k to finish (this is my issue).

    Is it possible the bank gives us the funds to buy the house first and foremost, then draw down later for the 25k finish.
    Or would they give the full amount 225k and hold back an amount of funds until they receive confirmation that the work is complete?

    Any advice would be grateful

    PTSB are the bank BTW


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    They will certainly demand a substantial contribution from you.


  • #3
    JoeySully
    Registered Users, Registered Users 2 Posts: 1,276 ✭✭✭JoeySully


    we looked at one. Bank was happy to give mortgage on purchase but we would have to show we had the money upfront to complete it.


  • #4
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    JoeySully wrote: »
    we looked at one. Bank was happy to give mortgage on purchase but we would have to show we had the money upfront to complete it.

    To complete to builders finish or to complete 100% incl floors etc


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