Purchase Plus Improvements Mortgage

[Duncan Pratt]

Hello BP members,

I am hoping to have someone who is an appraiser or knows the ins and outs of Purchase Plus Improvements Mortgages answer my question. 

I am currently doing a PPI through TD and it’s coming down to the wire of having my renovations completed before my appraisal walk through. I was told that every item on my quote needs to be completed which makes sense. I am wondering if they penalize you if you decide to do use a different material then what’s on the quote. For example, we have in our bathroom as tile but we want to install vinyl flooring. On the quote it says tile so does it HAVE to be tile?

Any insight would be greatly appreciated. 

Thanks in advance,

Duncan