loan of 50,000 security of a the home purchased at auction.

boggey1

Hi everyone I am looking to buy a house at auction have 30k cash to put down on it and if I win it I want to use it as security.House on 0.76 of a acre . Who should I go and see .Only going to go 80k in total so nplease help .

DevCoder

Impossible to advise

What is your annual income, do you have any other debts, late payments, arrears?

What does your 3 credit file say? Ignore the credit scores, they mean nothing.

Clive_Woody

boggey1 wrote: »

Hi everyone I am looking to buy a house at auction have 30k cash to put down on it and if I win it I want to use it as security.House on 0.76 of a acre . Who should I go and see .Only going to go 80k in total so nplease help .

You won't be able to get a secured loan until you own the house, you won't own the house until you have paid the auction house in full.

Don't think your plan is going to work. Chicken and egg situation.

eddddy

Hi boggey1

It depends what you want to do with the property (e.g. refurbish and sell) - but try googling 'auction finance' or 'bridging loan' or 'property development finance'.

Expect high fees and high rates of interest. And they will be nervous of you because it sounds like you are a 'first timer'.

Typically, this would be treated as a business loan - so no consumer protection. e.g. If you breach the contract, the property is immediately repossessed - no need for court case etc.

jonesMUFCforever

OP you will only get a mortgage if the property is habitable - have you factored in the cost of any improvements to make it livable or saleable?

A property and three quarters of an acre of land for £80k - what's the catch?

tonyh66

jonesMUFCforever wrote: »

OP you will only get a mortgage if the property is habitable - have you factored in the cost of any improvements to make it livable or saleable?

A property and three quarters of an acre of land for £80k - what's the catch?

It's a roofless croft on the outer Hebrides?