Can you get a mortgage on an auction property?
It is possible to get a mortgage on an auction property.
However, when buying property via an auction you need to be aware that there is only a limited amount of time for you to pay for the property in full. Also properties at auction might be repossessed, dilapidated, non-standard construction or unmortgageable.
High street mortgage lenders are only looking for properties that can be occupied immediately, either as your own home or as a let property. Many properties are sold through auctions because they are not fit to live in.
The alternative is to use property auction finance, which is a type of bridging loan. These can be arranged really fast, on any type of property. Once you have bought the property your mortgage broker can help you to remortgage over to a cheaper long term mortgage.
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.