Can I buy Property with a mortgage at auction?

Kettle on, grab some popcorn and cake - the auction series continues!

Todays question: can I buy a property with a mortgage at auction?

Charlie’s answer: yes!

The majority of buyers are financed in some way. Don’t believe the myth that all buyers at auction pay cash!

Whilst it's true that some properties sold at auction are deemed “unmortgagable” there are ways of financing without obtaining a mortgage on the property you are purchasing. For example, some people will re-mortgage their property or another property in order to finance their auction buy. Alternatively, bridging finance can be an option. Whilst it is an expensive form of borrowing money this may be acceptable on a short turnaround property.

We also discuss the 28 day notice period and how you can get the mortgage ready within this time limit.
Charlie advises to start preparation prior to purchasing the property and recommends consulting an Independent Financial Advisor. Whilst your bank may struggle to push it through within 28 days it is more likely that an IFA will understand the auction timescales and have dealt with auction purchases before.

Are you ready to learn more about Buy to Sell this pack is a great place to start:
https://www.thegoodpropertycompany.co.uk/resources/buy-to-sell-pack/

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