Auction Bridging Loans
Journey Mortgages provides residential and commercial mortgages nationally. One of our specialisms is arranging finance for properties acquired through an auction.
What is Auction Finance?
Auction Finance differs from conventional mortgages, in that the buyer requires a quick turnaround pending successful bidding for a property. This is usually up to 28 days to complete the purchase, and is essential as not being able to follow through on a bid can result in losing the deposit (usually 10%) to secure the bid.
Working with a knowledgeable broker that specialises in Auction Finance, can make the process of buying a property at auction less daunting, and can help secure the loan needed to buy the property.
What type of Property are you buying?
It’s important to note that when finding a lender to provide Auction Finance when buying a house at auction, that some lenders may or may not accept the type of property that you intend to purchase. This is why working with experienced brokers, who have access to a wide market, can make this process efficient, and carry out the leg work on your behalf.
Paperwork in Order?
When buying a house at auction you will need to ensure you have the right paperwork with you, such as personal identification documents, decision in principle if relevant, and the details of your solicitor.
Finance Before or After the Auction?
Journey Mortgages is experienced in helping buyers acquire Auction Finance, and our brokers help you every step of the way.We can work with buyers at any stage of the auction buying process, from applying for a decision in principle, an auction bridging loan, or arranging mortgages for Auction properties such as a buy-to-let mortgage once the hammer has fallen.
Having this type of assistance not only saves time, as the brokers will have first-hand knowledge of which lenders tend to accept applications for particular property types. But also usually have established connections with solicitors, and conveyancers which will you need when completing a loan application.
Journey Mortgages brokers can help with:
- Taking the grunt work out of the loan application process.
- Finding the most suitable rates.
- Approach lenders that are best suited to your application.
- Liaise with conveyancers and solicitors.
- Enquire about loan release on your behalf.
- Quickly preparing and submitting a professional application.
Property Developers Partner
Journey Mortgages has helped a range of residential (buying a house at auction UK) and commercial clients, secure loans for their properties. Our commercial expertise enables us to retain and regularly assist buyers with small, medium, and large property portfolios.
Our partnership approach means that you have an independent broker that is an extension to your business endeavors. We are on hand to discuss current, and future investment strategies, and help you find the right deal for your property.
Get in touch today to speak to one of our friendly and experienced commercial brokers.
Attention: Late repayments can cause you serious money problems. For help go to moneyhelper.org.uk