Buying At Auction With Mortgage Site

This is the biggest risk. Your lender will require a valuation after you’ve won. If the surveyor values the property lower than your winning bid (a "down-valuation"), you must bridge that financial gap yourself or risk losing your . 4. Property Condition Matters

The short answer is , but it’s a high-speed race against the clock. Unlike a traditional sale, the hammer falling at an auction is a legally binding contract. You typically have only 28 days to provide the full balance. buying at auction with mortgage

You’ll need to pay 10% immediately on the day. This is the biggest risk

If you’re planning to bid, here is your essential roadmap: 1. Secure an Agreement in Principle (AIP) You typically have only 28 days to provide the full balance

Standard conveyancing can take months. You need a solicitor experienced in auctions who can review the before the auction and move at lightning speed once you win. 3. The Valuation Hurdle

Do not step into the auction room without an AIP. Because of the tight 28-day completion window, you need to know exactly what a lender is willing to give you before you raise your hand. 2. Consult a "Lending-Specific" Solicitor