Unless you have adequate cash reserves, the chances are that if you are interested in buying property at auction, you will need a bridging loan. This is because of the short time period between having your bid accepted and having to pay for the property in full. This is typically only 20 days so there simply is no time to arrange a standard mortgage.
We have produced a simple guide to buying property at auction, to help you understand the process and timescales:
The above guide to buying at auction is brought to you by Rapid Bridging Ltd. We wish you success at the auction and look forward to finding the right bridging loan to finance your purchase.
Think carefully before securing other debts against your home. your home may be repossessed if you do not keep up repayments on a mortgageREQUEST A CALLBACK
When you need to raise money from property or land you own, a residential bridging loan can help you:
We’ll arrange your residential bridging loan quickly and easily.