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VAT & Self Build Mortgage

  • 24-07-2017 8:35am
    #1
    Tefral
    Registered Users, Registered Users 2 Posts: 4,396 ✭✭✭


    Quick question,

    With regard to self build mortgages and stage payments, how does the bank know you paid your subcontractor for VAT?


Comments

  • #2
    Metric Tensor
    Registered Users, Registered Users 2 Posts: 3,725 ✭✭✭Metric Tensor


    Why does it matter to the bank?

    Revenue are the ones who would be interested!


  • #3
    Car99
    Registered Users, Registered Users 2 Posts: 2,531 ✭✭✭Car99


    They dont know and they dont care who or what you paid for it as long as the engineer signs off the stage payment you get the money.


  • #4
    Tefral
    Registered Users, Registered Users 2 Posts: 4,396 ✭✭✭Tefral


    Figured as much.


  • #5
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    They may ask for invoices.


  • #6
    sydthebeat
    Subscribers Posts: 42,171 ✭✭✭✭sydthebeat


    Victor wrote: »
    They may ask for invoices.

    have they ever in your experience??

    The only time i have see invoices requested is when upfront money has to be released for the likes of timber frame deposits etc.

    They are generally happy to release funds based on the inspecting engineer / architects report, once the value of money released is fixed on site.


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  • #7
    Rabbo
    Registered Users, Registered Users 2 Posts: 637 ✭✭✭Rabbo


    Never seen them ask for invoices apart from where you have to prove value of prior works down befor mortgage. They don't care, once the eng/arch/tech/surveyor signs off, it's their neck on the line


  • #8
    B-D-P--
    Registered Users, Registered Users 2 Posts: 1,167 ✭✭✭B-D-P--


    Half way through build, Nobody asked to see any invoices, Engineer comes says they need €XXXXX and we get it.

    Job done


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