Question? If i bought a house at auction, could I get a mortgage to pay for it? or would they require payment on the day? - HotUKDeals
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Question? If i bought a house at auction, could I get a mortgage to pay for it? or would they require payment on the day?

dvhendo Avatar
banned7y, 5m agoPosted 7 years, 5 months ago
Question? If i bought a house at auction, could I get a mortgage to pay for it? or would they require payment on the day?

Interested in buying property
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dvhendo Avatar
banned7y, 5m agoPosted 7 years, 5 months ago
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1 Like #1
There will be some forms to fill in and the deposit to be paid plus a fee to the auction house that is usually about two-hundred-and-fifty-pounds. The balance of the money will be required to be paid by you within twenty-eight days although sometimes you may have to complete within fourteen days if stipulated by the vendor. Make sure your solicitor is aware that time is of the essence and that you need to complete quickly.


Further info here:

http://propertyauctionaction.co.uk/guide-to-buying-property-at-auction.html
banned#2
1 Like #3
It's something like a 10% deposit with the balance payable within a month.

You should be able to get a mortgage agreed in principle before hand :thumbsup:
#4
Normally you need to pay a deposit there and then, I can;t remember the percentage but you would have to put down a atleast 5% or more. Then you will have 28 days normally to exchange and complete. its better to have a mortgage already arranged before hand otherwise if you can't get your mortgage or don;t get the mortgage amount you hoped for then you will lose the deposit and the house will go back to auction
1 Like #5
Prolly wise to get your general mortgage info in place first... even then some houses you cant get a mortgage on so be careful what you do x x
1 Like #6
you can't beat htuk service :P
1 Like #7
dont forget that a mortgage is also dependable on a survey that the lenders agree the property is worth the money they are lending you - if not they will not give you the money - even if it has been agreed 'in principle'
banned#8
thanks for the above comments really helps, as im new to property, but looking for a different business venture,

much appreciated all :-)
#9
dvhendo
thanks for the above comments really helps, as im new to property, but looking for a different business venture,

much appreciated all :-)


you're welcome hon.. good luck in all you do x x
#10
Oh......and make sure you go with someone sensible lol as it gets quite exciting and you don't want to overbid.

SET A LIMIT AND DON'T GO OVER
banned#11
choc1969
Oh......and make sure you go with someone sensible lol as it gets quite exciting and you don't want to overbid.

SET A LIMIT AND DON'T GO OVER


Sure, we have seen afew propertys already that we are interested in!

thanks again.

Sam

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