5. Submit application documents
You can now apply for the escrow account. Based on the appraisal report and the construction specification, the lender of your choice will decide to which extent you can finance the works in an escrow account. In some cases, a quotation for the planned works will be requested. You can upload these documents via MijnViisi; we will ensure that the lender receives them on time.
The works and materials must result in increased property value. In most cases, 70% of the renovations add value to the home (the exact percentage is defined in the appraisal report). This portion can be financed via your mortgage. You must provide the remaining amount from your own means and deposit this into the escrow account. Options in a newly constructed home often provide 100% increase in value.