Buying a house at auction - mortgage/ borrowing help

cook1e_2

Hi

I am looking at buying a house at auction. The 10% deposit would be paid onthe day. I then have approx another 20% to pay as my deposit and the remainder would be from a mortgage.

If my mortgage has not come through during the 28 day final payment windowthen I would have access to borrow the cash from family to ensure I do not lose my deposit.

When the mortgage is then complete, what is the process of getting access tothe funds to pay back the money I have borrowed from family?

Thanks in advance!

If relevant:
- First time buyer
- Guide price £85k,max bid will be £115k
- I know there isthe option to pay the full amount in cash and re-mortgage but I do not want toborrow money unless necessary

Thrugelmir

Few lenders will accept a mortgage application until you've owned the property for a minimum of six months.