Buying A Property At An Auction | Property Auctions

Property auctions have become increasingly popular with both buyers and sellers – whether they’re owners, occupiers, developers or investors.

Property auctions are a great place to find bargains be it for your own personal dream rural property, or to start, or add to your property investment portfolio.

All sorts of properties can be found at auction, both commercial or residential, along with plots of land.

There are all sorts of reasons why a property may end up at an auction. It could be that a house is considered unmortgageable because structual problems. A flat may have extensive fire damage. Or a seller may need to sell his property quickly because of debts or because it is part of probate, and is there for willing to sell cheaply in return for a quick sale.

Such properties can sometimes make an ideal investment. Either they can be renovated and sold or can be renovated and then rented out. The small terraced houses have for a long time been very popular with those looking for buy to let properties.

Some properties will need extensive renovations, others will need just a cosmetic overhaul. For people looking to buy a property for themselves the ability to look beyond the hideous wallpapaer and general neglect of a house can pay dividends in the long run if you are prepared to put the work in.

Mortgages For Auction Property

As mentioned above some properties listed for sale at auction may not be suitable for a mortgage, these type of properties often achieve lower prices at auction as the number of potential buyers are more limited. When buying these type of properties the buyer will need to arrange the money for the property purchase before the auction, if you are an owner of a number of properties already you could remortgage one of your existing properties to have the money ready for the purchase before the auction. It is important to note that buying a property that is considered unmortgageable can be a risky investment as may still be issues getting a mortgage on the property in the future if the reason is a long standing problem.

If the property is listed for auction because of repossession or in need of a quick sale, then you are able to get a mortgage in principle from a lender before the auction proceeds. If you are looking to arrange a mortgage before an auction then First Choice Finance will be happy to discuss your needs and requirements.

We have access to multiple lenders from the Uk mortgage market, which means we will search thousands of mortgages+ from the many different lenders to find the right mortgage for you.

Need to compare mortgage quotes? Then save time searching. As a specialist market mortgage broker, we will search top mortgage lenders including high street lenders and more specialist lenders! Every month we help UK home buyers just like you search for a Mortgage to purchase your auction property.

Our advice comes with no obligation, so what have you got to lose? Simply complete our quick reply enquiry form and a qualified mortgage advisor will call you back free to discuss your requirements.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.