Auction Finance

Auction Finance is often a necessity when you need to pay for auction purchase within 28 days of a winning bid.

We can offer Short Term Mortgage, processed promptly to buy properties at auction; simular to bridging finance.

The property at auction can be of wide ranging types from unhabitable residential to land or commercial properties – we consider a wide range of property types.

Auction Finance is often a short term solution from 3-12 months, Bespoke Finance can will assist you exit onto Buy to Let, Residential or Commercial mortgage.

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Pre-Auction Approval

To ensure a smooth process in the auction house, we can provide you pre-auction agreement in principle for your property auction.

The final price you pay is based on the maximum bid you are willing to pay for the property for auction. A “desktop valuation” is conducted prior to the auction date to give you a cealing in what the auction mortgage lender will go up to.

The pre-auction approval involves a full application including Credit Refencing and the lenders appiteite to lend on the property type. The pre-approval can be re-used again on anouther purchase if you are unable to secure the winning bid at the price you wish to pay.

Unmortgageable Properties

You can useualy Auction Finance on Unmortgagble Properties, subject to the auction finance companys requirements.

This may include deralict property, property without kitchen or bathroom, short-lease properties, properties with structual defects, regulated tenancies, properties with damp and properties of non-standard construction.

This is underatken on the understanding that you will rectify the issues, prior to exiting finance with the auction lender.

You can get some good deals at auction and compete with cash buyers – you shall require your own funds to renovate the property to bring them back to a mortgageable condition.

Auction Purchase Timeline

Auction Finance Broker

Call Bespoke Finance on 08009202001 today and ask about “Auction Finance”, Bespoke Finance are Mortgage Brokers that specialise in Investment and Buy to Let Mortgages. We can help you find the best property auction finance for your circumstances and requirements.

Can you get Auction Finance for home purchases?

Yes – Contact us today to obtain pre-auction approval finance, before you go to the auction house to bid on a property to purchase for your home. It is very important to find an residential mortgage that you can exit the short term finance offered for auction purchases and ensure you qualify beforehand.

Can you get Auction Finance for buy to let?

Yes – We help landlords obtain auction finance for Buy to Let Purchases, contact us today for a pre-auction approval finance.

How to finance auction property?

You can finance an auction property purchase with Bridging Finance or Term Mortgage but these can take longer than the Auction House requirements to exchange. You therefore need pre-approval auction finance, a finance product that is designed for Auction Purchases that include speedy processes including desktop valuations.

Once you have obtained the auction finance, won a bid at the auction house, put down deposit with the auction house and started the process with solicitors to exchange and complete useing our auction finance products. We can assist you in obtaining long term mortgage, typicaly at better rates.

Can you get a mortgage on an auction property?

Yes – You would have to be very quick. A buy to let mortgage on auction property or residential mortgage useualy involves obtaining a Decision in Principle beforehand and will require a valuer to visit the property. This can be time consuming and can delay when you complete on the mortgage therefore loosing your winning bid or incuring finance. Pre-Approval Auction Finance is todays solution for those that require a mortgage on an auction property to ensure access to prompt finance.