2nd mortgage for run down auction property

Phil_rich

A bridging loan will be your best bet but the cost will be £££££. If you can make it work during the renovations then it will be worth it in the long run.

Gary123456790

I always thought you needed cash in the bank to buy at auction because a lender cant do a survey, etc. beforehand so you cant be certain that you will get a mortgage, and you need to complete straight away because 'bang' and its yours!

Gary.

harvey115

Gary123456790 wrote: »

I always thought you needed cash in the bank to buy at auction because a lender cant do a survey, etc. beforehand so you cant be certain that you will get a mortgage, and you need to complete straight away because 'bang' and its yours!

Gary.

You pay the deposit/reserve amount on winning the auctions and need to pay the whole amount within 28days as standard.

So you do not have to have the money in your bank account, however you need to be certain that you can secure the money when it is needed and quickly enough to meet the deadlines. Otherwise you risk losing your initial payment.