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First time buyer
cpbella
Posts: 7 Forumite
Hi, looking for some advice please.
I want to get into the property business, how can I buy at auction but with no personal capital? Can it be done via a bridging loan ?
Want to start small a build up profile, first to just buy and sell then look to have some rentals.
Look forward to your advice
Thanks
I want to get into the property business, how can I buy at auction but with no personal capital? Can it be done via a bridging loan ?
Want to start small a build up profile, first to just buy and sell then look to have some rentals.
Look forward to your advice
Thanks
0
Comments
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No capital at all? Even "normal" 100% mortgages are pretty much impossible these days. You're going to need some of your own money.1
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@cpbella Unless you own other properties you can secure the bridging loan against, you will need a minimum 25-30% deposit for a bridging loan to buy a property at auction.
I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
2 -
As it is clear you don't know what you are doing, I would suggest sticking to regular properties. Buying at auction can be a big mistake if you buy a dud - a lot of auction properties have problems with them.1
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