Mortgages for Auction Properties

Service For Property Purchase At Auction

Based in Bristol we can offer you a first class mortgage service: 

Special features of what we offer include:

• Finance from £50,000 to £25 million

• Whole of market service - we use over 20 UK auction finance lenders to help you find the right deal

• Latest Rates - Access to leading market auction mortgage rates

• Exclusive Offers - Access to mortgage deals not available on high street

• Fast turnaround - speak to us today if you need to move quickly - We can arrange same day terms and work to 5 to 7 working day completion timescales if you need to move quickly

To investigate your auction mortgage options call our mortgage & bridging finance team on 0117 313 6058 or fill in our call back form.

Mortgages for Auction Properties

Buying a property at auction can offer an alternative to traditional home buying, but it does require a slightly different mortgage approach. Most successful auction property bidders will need to pay a 10% deposit on the day of the auction, and will then  usually have 28 days to pay the rest of the balance – which doesn’t leave you a lot of time in which to get a mortgage arranged if you haven’t done so before the auction.

Get a mortgage offer before the auction starts

It’s a very good idea to arrange this before your successful bid and 10% deposit is paid. If you fail to pay the remaining 90% balance in the allotted time period, you may well stand to lose not only the deposit but also your chance of purchasing the property.

Tips for getting mortgages for auction properties

• You will need to get a mortgage survey and valuation done before you are offered a mortgage for an auction property

• It’s important to go into a property auction with financial arrangements already made and with a clear budget to stick to – avoid getting carried away o the day and bidding more than you can afford.

• Make sure that you include extra costs of moving, such as removal services, in your budget, as well as additional mortgage-related expenses such as fees for surveyors and solicitors.

• Look out for mortgage brokers who specialise in lending on auction properties, particularly if the property needs extensive renovation or has structural issues.

If you are unsure about what mortgage product is suitable for you call us on 0117 313 6058 or Request a Callback.