Securing Auction Finance
Buying property at auction can be an exciting experience. Once the gavel goes down and your bid is successful, you are committed to buying the property. You will usually have to pay a non-refundable deposit of 10% of the purchase price on the day of the auction, with 28 days until the balance is due. Traditional bank funding is usually unsuitable because of this tight time-frame.
When buying a property at auction it is important that you are able to complete on time. If you are considering using either bridging or mortgage finance, we would recommend you speak to our specialist mortgage broker. Finance and the right funding for your circumstances can be secured quickly for you.