Can I buy auction property with a mortgage?

Can I buy auction property with a mortgage?

Properties bought at auction generally require a 5% deposit on the day while signing a legally binding contract to pay the remaining 95% within a 28-day period. This is where the bridging loan for auction comes in. Bridging loans are a preferred option as they help to bridge a gap until a long-term mortgage or sale can be secured. Bridging finance for auction is available for land, commercial and semi commercial buildings, residential and buy to let properties.

How does a bridging loan help me?
  • The finance is pre-agreed so that come auction day the process can progress quickly.
  • This loan doesn’t follow the same process as a mortgage lender and isn’t always based on income.
  • Bridging loans are more flexible and consider property that a standard mortgage lender wouldn’t.
  • Loan lengths are flexible
  • You can generally borrow up to a 70% loan to value.

It is a common misconception that all auction buyers are cash buyers. In-fact, even buyers with the cash generally will opt for a mortgage to keep their equity in the bank. 

If you are looking to purchase at auction with a mortgage, we have a partner company who can talk you through the process. Bridging is a short-term solution for buying at auction and is usually paid off once the property is either resold or refinanced.

What our clients say about us

...I would thoroughly recommend Connect UK Auctions as the best most effective alternative to the conventional estate agents.
by Valery Stimpson
...My property achieved a very good price and completed in a matter of week. I would, most certainly recommend their services to anyone potentially looking to sell their property.
by Mr Richardson
...If I had known how much better it would be, I would have chosen Connect UK Auctions above an estate agent months ago.
by Jenny Turner
My wife and I were delighted with the service provided by Connect UK Auctions. Our house sold prior to the auction for an excellent price. Rob Jenkins was very professional and communicated well with all parties involved. A very smooth transaction.
by Rob Sellick
I have bought land and a residential property through Connect UK Auctions and even used their building team for renovation works. I must say I was always impressed with the help and support I received throughout my journey. Would definitely use them again and will be attending more of their auctions.
by Ross Slaughter
Easy to deal with and 100% professional easy and stress free.
by Sammy Vine
Exceptional service beginning to end. Would buy through you again! Thank you.
by Lisa Edwards
Excellent service outstanding staff.
by Kelly Simpson
Recently put in my property with Connect UK Auctions and they managed to sell it before the auction day!! Well above reserve. What a great guy. Happy client. Would use again. Thanks guys!
by Alex Brinklow
We have no hesitation in recommending Connect UK Auctions - their level of service and attentive service is second-to-none.
by Christian Budd
5/5

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