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Mortgage loan for new build property
I am interested in a new build property which will only be delivered mid 2019. My question is - there is a 21 % VAT on the purchase price.
Has anyone had any experience with mortgage loan application with the banks on new build property? and if they will provide the loan to cover the 21% VAT, or just the basic purchasing price?
You really need to talk to your bank or amortgage broker, but from my experience you need to cover any purchase-related expenses (VAT and notary fees are the biggest of these) with your own money.
However, checking on the Hello Bank site, they say you can borrow up to 90% of the total puchase price plus expenses. I'm sure other banks have different rules.
I have an fantastic banker I would suggest, and a superb architect. email the missus at gmail :-) good luck!
