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Mortgages on properties sold at auction???
theboyschewlego
Posts: 5 Forumite
question:
Is it possible to arrange a mortgage on a property sold at auction???
....or do you have to have the cash??
does anyone know what the options are??
cheers
Lee
Is it possible to arrange a mortgage on a property sold at auction???
....or do you have to have the cash??
does anyone know what the options are??
cheers
Lee
0
Comments
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you need to pay a deposit at the fall of the hammer, usually 10% then complete within 28 days. You can arrange finance beforehand but may have to pay a valuation fee which you will lose if you do not get the property.
It can be done though, as there are some lenders that can get the offer out very quickly, providing the property is suitable security.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Big risk but can be done.
Never forget a legal conveyance must be done to protect the lenders interests - this is one area which can cause delays or declines.0 -
....any more info??
0 -
what else do you need to know?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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