Called ‘bouwdepot’ in Dutch, a building fund account is a special account that comes with your mortgage. The money in this account is used exclusively to pay for your new build, renovation or sustainability improvements. You pay the receipts or invoices relating to your build or renovation from this account. The money in the account has to be used within two years.
"}},{"componentType":"sectionTitle","title":"When do you get a building fund account?"},{"componentType":"paragraph","richBody":{"value":"When you apply for a mortgage for a new build or a renovation, ING will open a building fund account along with the mortgage. The amount in the building fund equals the amount the renovation is expected to cost. In case of a new build, the full amount borrowed on your mortgage will be put into the building fund account.
ING will not set up a building fund account if the appraisal report states that the mortgage could be issued in the same risk category without taking account of the increase in value.
The conditions below also apply:
If you want to know more about new builds, renovations, sustainability improvements and building fund accounts, our mortgage adviser will be happy to discuss your options with you.
"}},{"componentType":"cta","textLink":{"url":"https://www.ing.nl/en/personal/mortgage/contact/cmnl-english?subscrid=cmnl-mort-engelstalig","text":"Discuss your options"}},{"componentType":"sectionTitle","title":"How does a building fund account work?"},{"componentType":"paragraph","richBody":{"value":"Whenever you have an invoice – for a new kitchen, for example – simply send it to us on My ING or in the ING app. You can opt to have us pay your supplier directly or pay the funds into your personal account. Invoices submitted digitally will be paid within five working days.
"}},{"componentType":"accordion","accordionList":[{"title":"How to make payments from a building fund account","richBody":{"value":"Payments from your building fund account are easy to arrange on My ING or in the ING app. Simply find the building fund account under your mortgage number. Take a picture of your invoice or receipt and upload it. Your payment will be processed within five business days. Invoices and receipts must be in Dutch, English, French or German, and the amounts must be in euros.
Not using digital banking via Mijn ING yet? Request it now for free.
"}},{"title":"What you can pay from a building fund account","richBody":{"value":"In the case of a new build, you can pay your construction instalments from the account.
You can only pay for a renovation or remodeling from your construction deposit if:
What kinds of costs can be paid from a building fund account?
What kinds of costs cannot be paid from a building fund account?
Payments can only be made based on a legible receipt or invoice. Pro forma invoices, offers or order confirmations will not be accepted for payment from a building fund account. Invoices and receipts must be in Dutch, English, French or German, and the amounts must be in euros.
"}},{"title":"What you can pay from a sustainability fund account","richBody":{"value":"On top of the conditions for a regular building fund account, a sustainability fund account can only be used to pay for the following:
For what kinds of things can you not use a sustainability fund account?
In some cases, we will ask you to include a bank statement when you want to make a payment from your building fund account. This bank statement is intended to prove that you have indeed already paid your supplier or builder, so that we can transfer the amount to your personal account.
This bank statement must meet the following requirements:
If you have not transferred the amount to your supplier or builder yet, make sure you state with your payment request that you want us to pay the supplier or builder directly.
"}},{"title":"How to extend a building fund account","richBody":{"value":"While the standard term of a building fund account is two years, you do have the option to extend it once by one year. You can do so on My ING four months before the end date of your building fund account.
Do you have access to My ING? Go to the building funding account summary and click ‘Extend’. We will process your request within five working days and send you a confirmation letter. The new end date for your building fund account will also be shown on My ING and in the ING app.
Don't have access to My ING or you have already extended your building fund account once? Send a signed written request, stating the mortgage number, to ING Hypotheken, Afdeling Beheer, Antwoordnummer 40940, 8900 TW Leeuwarden, Netherlands. Please state the following in your request:
Do you have access to My ING? Via My ING you can let us know that you want to terminate your building fund account. Go to the building fund account summary and click ‘Terminate’.
Don't have access to My ING? Please submit a written request to terminate your building fund account. Send your request to ING Hypotheken, Afdeling Beheer, Antwoordnummer 40940, 8900 TW Leeuwarden, Netherlands.
How long will it take? We will process your request within five working days and send you a confirmation letter. The new end date for your building fund account will also be shown on My ING and in the ING app. If we receive your request before the 21st of the month, your building fund account will be terminated as of the first working day of the following month. If we receive your request after the 21st, our confirmation letter will state the date as of when your building fund account will be terminated.
Do you have remaining funds in your building fund account? Any funds remaining in your building fund account will always be put towards paying off your mortgage. If this repayment exceeds €2,500, the market value of your home that was determined when the mortgage was taken out will be reduced by the same amount. If you disagree with this adjustment, you will be asked to provide evidence that your home’s market value is higher. You can do this by submitting a recent appraisal report (with an appraisal date no more than six months ago) or a WOZ assessment (value for the purposes of the Valuation of Immovable Property Act).
"}},{"title":"For how long is the interest on a building fund account tax deductible?","richBody":{"value":"You will only be charged interest on funds you have drawn down from your building fund account. This interest will be tax deductible for a period of two years.
The Dutch Tax Administration states the following on the tax deductibility of building fund account interest:
You’ll find this information on the Dutch Tax Administration's website.
The obligation to make repayments on your annuity or linear mortgage takes effect immediately upon signing the mortgage deed. This means that you will start to pay off your mortgage from the very first debit.
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.
"}}]}}}