First mortgage/loan to buy flat from auction

szyblaszczyk

Hi! We plan to buy two bedroom flat from auction, renovate it and then sell as fast as we can. We are looking for a mortgage/loan to finance it. We have up to at least 30-40% money for deposit. The thing is we are in UK only for 1.5 years. We asked today in Nationwide and they told us that we need at least 3 years history.

Can you suggest us please what are our possibilities? How about other banks? Do you know any other which can you give us a mortgage/loan with such short history of residency?

We have just six days to organise something. We'd really appreciate your help!

csgohan4

you are aware you need to exchange contracts within 28 days at auction usually, can you get a mortgage that quickly???


you need to consult a broker is the best course of action

szyblaszczyk

My bad - you misunderstood me. We live in UK since 2016 (1.5 years) and want to stay permanently (not 1.5 years longer). :-)

So it won't be easy to get confirmation that we can get a loan that quickly? We are aware of nature of auctions.

csgohan4

szyblaszczyk wrote: »

My bad - you misunderstood me. We live in UK since 2016 (1.5 years) and want to stay permanently (not 1.5 years longer). :-)

So it won't be easy to get confirmation that we can get a loan that quickly? We are aware of nature of auctions.

It is your credit history or lack that will be what is an issue. Get a broker who will be able to advise further. But simple things like electoral roll, credit cards and paying them off in full e.t.c

szyblaszczyk

I have two credit cards for a few months. Always fully repaid. So look for the broker? Best thing we can do? Do not try directly with banks?