Hi
I'm looking to auction for a property which needs some work doing to it. Can anyone recommend a UK morgage company that is normally happy to deal with these type of sales?
Thanks
2007-04-02 20:00:05 · 2 answers · asked by J B 1 in Business & Finance ➔ Renting & Real Estate
Most mortgage companies will check how much they can give you for mortgage properties and give you a value you can bid up to in an auction.
It is like some form of underwriting, where they tell you how much you can spend, if you succeed they will still want the usual inspections and valuations from surveyors before they are happy though.
If the property needs repair they may release the cash in stages for the repair also.
2007-04-02 20:21:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A lot of Auctions expect you to pay up in full (or at least some significant deposit eg. 20%) within a very short time period (48 hours) so there really is no time to organise a Mortgage ..
Talk to your Bank/Building Society - you may have to borrow against your existing house first (so you have money in the Bank for the Auction) and arrange a 'Buy to Let' mortgage later.
2007-04-02 20:40:25 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋