Getting a Mortgage for an Auction Property
Secure funding before heading to an auction – We are here to help you!
Mortgage For An Auction Property
Tailored financing solution for your next property development project.
When it comes to financing an auction property, there are a few things to keep in mind. A traditional mortgage may not be a viable option. This can be for two reasons; Firstly, the property might be in a state which renders it unmortgageable. Secondly, the time required to get a mortgage offer is longer than the time available to complete on an auction purchase. It is important to have a clear indication on availability and cost of finance before you start bidding.. This will give you a better idea of what you can afford to bid on a property.
With these things in mind, you should be able to successfully finance an auction property! Contact us.
Finspace FAQs
Do you need the full amount to buy a house at auction?
Absolutely not. With Finspace, you can access competitive auction finance to purchase properties at competitive rates. Our flexible solutions allow you to buy the property with a smaller deposit and split your payments across the term of your loan. This flexible approach gives you the freedom to adjust your outgoings to suit your budget.
Can you bid at auction without financial approval?
Yes. You can bid and win a property at auction. However, once you have won, you may have to put a 10% deposit on the day and pay the balance in 28 days. If you are not able to complete in the agreed time then your deposit could be at risk.
What are the disadvantages of buying a property at auction?
Auction purchases are well suited for experienced property professionals. As the properties are sold as is the buyer will need to assess the works required along with a market value to work towards. The cost of finance will play a key role in the viability of the purchase. With Finspace Group, we provide specialized auction finance so you can make an informed decision and bridge the gap between winning your desired property and paying for it.
Our Process
Simply tell us a little about your business and we’ll be in touch to talk through
possible solutions tailored specifically to you
Simply us a little about your business and we’ll be in touch to talk through
possible solutions tailored specifically to you.
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