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Right time to ask for a mortgage on off-plan propertis

  • 18-05-2005 7:40pm
    #1
    Coney Island
    Closed Accounts Posts: 344 ✭✭


    When is the right time to ask for a mortgage when buying an off-plan or an unfinished property? For example, suppose you plan to buy an apartment costing 100k and the deposit required is 10k to pay cash and the rest (90k) on completion via a mortgage.
    Would you apply for the 90k mortgage before paying the deposit of 10k and have it "ready to go" when the apartment is finished, or would you pay the 10k deposit and look for a mortgage when the apartment is about to be finished?
    If you opt for the first option (which I believe is safer), would it be possible to have a bank to commit to offer you the mortgage on an unfinished property? Would this be some kind of "preliminary contract for a mortgage" ?

    Any advice is welcome, the question raises as I am about to buy an apartment for about 53k in Bulgaria. The complex will be finished in August but I need to pay 30% + 30% (roof level) now, and then I can apply for the rest (40%) mortgage when the apartment is finished (banks in Bulgaria don't offer mortgages for unfinished buildings). But before I pay the 30%+30% I would like to make sure the bank will give me the mortgage for the remaining 40% (I am sure they will, but I would like a formal commitment)...do you think this is possible?


Comments

  • #2
    Einstein
    Registered Users, Registered Users 2 Posts: 2,630 ✭✭✭Einstein


    I dunno about foreign property, but If you buy from plans, it makes no difference when the property is due to be finished, you should be looking for the mortgage approval straight away. You don't give the cheque until the day you pick up the keys, but it's just safer and easier to have it all sussed well before that.

    Dave


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