Can you buy a house at auction with a mortgage?
Buying a property at an auction is simple and fast.
Once the auctioneer’s hammer falls you have legally exchanged contracts and are committed to buying. You usually have up to 28 days after the auction date to complete the purchase of the property, although sometimes it can be 7 days.
So yes you can use a mortgage but it’s just not practical to rely on a conventional mortgage application to be ready when you need it. But luckily bridging lenders are used to moving fast and so these types of loan are often preferred for auction property purchases.
The 28 day period allows ample time for an auction bridging loan but too long for most standard mortgage lenders.
HOW CAN WE HELP?
Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.