Builders 'Allowances'

[Yvonne 062]

Hello there,

We are hoping to buy a property which currently has a builders finish. We are hoping the builder will give us some 'allowances' that will help us fund finishing the house i.e. floors, tiles, kitchen, fireplace, wardrobes etc.
If the builder agrees to add say €50k to the purchase price for these items - how will that work with the bank? Can we just pick out what we want and the builder pays for it? Will he have to give exact figures to the bank?
Thanks in advance...

 

[krissovo]

In the process now of building.

We applied for the mortgage of €320k, the house to build should cost €240k so we have enough to "finish" and contingency. For the stage payments the builder invoices his stage and we add the extras we need (windows, kitchen etc) and send these to the engineer to request from the solicitor.