Financing flat being bought off plan

[maggiethecat]

Has anyone bought flat off plan and how did you deal with obtaining loan? Not sure if many lenders will lend on something before completely built.

It's in a phased development and a couple of phases are finished and occupied so I presume that a valuer should have something to go by.

[addictedtosugar]

Not a flat, but we bought a house off plan, and had no issues with getting a mortgage on it. The monies weren't actually released until after the build was finished, and it had been checked by the building society's surveyor, but we were approved for the money, iirc.

[ProbablyMe]

Would think it was the same as a new build house? Shouldn't be a problem. The surveyor may visit the site (but may not) and will prepare their report based on the plans.

[MyNameIsSuz]

We bought our flat off plan and as a pp said, it was no problem but the money wasn't released until we completed.

[MaraThonbar]

AFAIK the only main difference is that many lenders will insist on a lower LTV with a deposit of at least 25%.