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To secure a property at an auction, you will need to provide a deposit on the day to guarantee the sale, with the balance due within 28 days of completion.
If you’re successful with your auction bid, you’ll need to pay 10% deposit on the day and the full balance of the property sale within 28 days. Auction finance is a type of short-term bridging loan that can be arranged very quickly to satisfy these timescales. Designed to offer flexibility, auction finance helps buyers to bid with confidence and complete the process quickly.
Our experienced team of advisors have helped many people like you to get a great deal on their auction finance and subsequent mortgage. Our team have more than 10 years of experience in auction finance, and access to a range of specialist deals and options that are not available to the general public. We put people at the heart of our decision-making, not computers.
If you're interested in buying at auction and are looking for short-term finance options, complete our simple online form today and one of our team will be in touch.
Auction finance can be a useful funding source to buy a variety of property types, bridging the gap until longer-term funding is organised.
Whether you are looking to develop and sell on a property, or are planning to move in, we can help secure the funding to enable the purchase.
Our team support landlords who are considering an auction purchase, arranging both the auction finance and longer-term buy to let or HMO mortgage if required.
If you are looking to buy a shop, office, restaurant pub, industrial unit, leisure facility or any other type of commercial property at auction, we can help.
Auction funding can be arranged for mixed-use commercial/residential buildings, such as a home above a restaurant.
Our team can also help you to secure finance for land bought at auction, with or without planning permission.
As a short-term funding option, you can expect to pay higher rates than you would if it was a mortgage or long-term loan.
As a general guide, between 0.5 to 1% a month is typical. As the term is generally no longer than 12 months, this equates to 6% to 12% annually.
There are a variety of options available for auction financing, ranging anywhere from £10k up to loans of millions of pounds. Whatever property you are looking to buy, there will be a funding option that matches. Get in touch with one of our team to get started!
You will have up to 12 months to repay your auction finance, after which longer-term refinancing is recommended.
For more information on auction finance, complete our simple online form, and one of our advisors will be in touch to discuss your needs.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.