New build mortgage final 10 percent mortgage

newbuild123

Hello,

im in the final stages of new build with mostly remaining kitchen etc to be fitted. 2nd fix Plumbing will be sorted next week. We will probably be able to move in end of February.

Our engineer will be happy to sign off then. My question is at what stage can the valuer come in and value the house. Has the kitchen etc need to be fully fitted or just a sink plumbed.

The final 10% is proving a nightmare (it’s not practical in the real world) as by the time we obtain valuers report including engineers end of February and the processing time of boi. It could be April by time we recieve drawdown. We could owe tradesmens/services pay for 6 weeks plus as all material needs to be paid for before delivery.

10% held back is huge amount of money when it’s the one time you really need as we finish out the build.

Is there anyway of obtaining the last 10% quicker as it stands now there would be no issue the house meeting the required valuation amount

Bank of Ireland: Tara

https://www.boards.ie/discussion/2058281874/new-build-mortgage-final-10-percent-mortgage

Hi newbuild123,

Thanks for getting in touch.

For the best help with your queries we would advise speaking with your mortgage advisor, or our mortgage team on 0818 365 345, and a colleague with access to your application will be happy to help.

Thanks

Tara