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Great properties can be bought at auctions, but funding them requires specialist lending designed for the demanding speed of the auction model. If you’re planning to bid on a property at auction, call us so we can help secure a lending agreement in principle before you make that winning bid.
Auction purchases move fast - typically needing to be complete within six weeks. Auction finance helps you secure funds for these tight turnarounds. At Hearthstone Mortgages we help clients secure short-term funding, like a bridging loan, to purchase assets at auction within a tight timeframe.
If you can secure auction finance in advance for a specified loan amount, you can bid with confidence knowing you won’t need to scramble for the funding when your bid wins.
Auction finance lenders have streamlined, simple application processes and experience with auction transactions. This saves both time and effort, which can be the difference between winning or losing at property auctions.
Speak to one of our friendly advisers today, and download your credit report via 'Check my file', to kick start the process.
Auction Finance in the UK operates as a type of bridging loan designed to facilitate speedy property purchases at auctions. Given that auction purchases usually mandate completion within 28 days, conventional property buying methods often cannot meet this timeline.
You may be able to obtain 100% auction finance, which covers the entire auction purchase price, provided you pledge extra security on another property. Keep in mind, most auction houses require an immediate 10% deposit once you win the auction.
Eligibility for Auction Finance is primarily based on the property’s value, rather than the buyer’s income or credit status. Hence, it can be secured even with poor or bad credit scores. It’s particularly useful for properties that are currently ineligible for a mortgage.
Prior to an unconditional auction, you need to have your financing ready as you’ll be required to immediately pay a 10% deposit (with a minimum for low-priced properties) if you become the successful bidder.
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