The asking price of a property that needs some work will often be lower than that of a property that is move-in ready. And it’s an opportunity to remodel the property into your dream home, especially when you do some of the work yourself to keep the costs down. Do bear in mind, however, that renovations are often time-consuming, intensive and full of surprises in terms of costs.
"}},{"componentType":"sectionTitle","title":"Including a renovation in your mortgage"},{"componentType":"paragraph","richBody":{"value":"You can finance the costs of your renovation (partially) through your mortgage. If you want to do that, it’s important to know how much the property will be worth after the renovation. If the value of the property after the renovation has been recorded in a valuation report by an independent surveyor, this will be the maximum amount you can borrow on your mortgage.
The difference between the value of the property before and after the renovation is the amount you can spend on the renovation. Whether this will be enough depends on the extent of the renovation required. Make a renovation plan, together with a contractor or architect if you want, to get a good idea of the total cost of the renovation.
"}},{"componentType":"sectionTitle","title":"If you’re also planning to make the property more sustainable"},{"componentType":"paragraph","richBody":{"value":"Many people take a renovation as an opportunity to also make their home more sustainable.
If you’re going to make sustainability improvements to your home, you can borrow more to pay for them. You may also be eligible for a lower mortgage rate. Read all about interest rates and your energy label, and how to let us know you’ve upgraded your energy label.
"}},{"componentType":"sectionTitle","title":"Paying for it through your mortgage"},{"componentType":"paragraph","richBody":{"value":"When financing the renovation through your mortgage, the money available for the renovation will be put in a building fund account. This is a kind of bank account, but then specifically for your renovation.
If you have any invoices from your contractor, for example, or for materials you need for the renovation, you can simply upload them to My ING. The money will then be in your bank account within five working days. Good to know: ING doesn’t provide mortgages for fixer-uppers bought from a housing corporation.
We will put the money for sustainability upgrades in a sustainability deposit account. You can use the money to pay for the following energy-saving measures, either individually or combined:
Found a property you’re interested in that needs some work? Talk to an ING mortgage adviser and find out what mortgage options you have. There’s no charge for the first exploratory consultation.
"}}]},"legalZone":{"flexComponents":[{"componentType":"paragraph","title":"Good to know","richBody":{"value":"The English text of the website is a translation of the Dutch original version. This translation is intended for the customers convenience only. In case of any discrepancies between the two versions, the original Dutch version shall prevail. The mortgage offer and contract will be signed in Dutch. Also, all further communication after signing the mortgage contract will be in Dutch. You acknowledge and accept this. If any assistance or clarification is needed, we recommend contacting your mortgage advisor or to call our customer service via the ING app.
"}}]}}}