There's no SD for owner occupier of new houses. Are you going to live there ? I presume the improvements are extras that need doing such as electrical points and lighting ?Not sure if it makes a difference but it is a new house.
outlines how the SD is calculated on such a property (i.e. new property over 125sqm) based on the original fair market value/purchase price and/or site value. I am amazed that lenders are advancing more than 100% of the purchase price to be honest!Hel_n said:The house is 151sq m but the purchase price and (therefore the purchase value) is 307k. In order to borrow more money than the pp we need to be able to show the lender that the house is going to be worth more that this after improvements. When calculating SD is it based on the value at time of purchase?
I am amazed that lenders are advancing more than 100% of the purchase price to be honest
The following is how I calculated 104%:Hel_n said:Also, the bank are lending 92% of the purchase price plus extra for home improvements.
320/307 * 100 = 104%buying a house for €307k but borrowing €320k
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