Bridging Finance to buy an Auction Property
Property can be purchased quickly and easily at auction using bridging finance. Bridging Finance caters for the purchasing of all types of property in all types of conditions when more traditional methods of finance fail due to the condition of the property and speed of completion required.
A bridging finance loan is designed for a shorter period than a mortgage, often for any period ranging from a few weeks to a few years. It is designed to give you cash quickly, this is especially important if you have seen a property bargain in an auction and you need to ensure you have the fund available as soon as you are committed with your deposit.
Ascot are fast and reliable when it comes to arranging bridging finance. If you have seem a property at auction and you would like to enquire about the best bridging finance deals we have access to, please contact us below.
Using bridging finance loans to buy auction property
Bridging Finance caters for the purchasing of all types of property in all types of conditions when more traditional methods of finance fail due to the condition of the property and speed of completion required.
You are selling your current property and wish to purchase another property at auction. You attend the auction and enter a successful bid. You then pay the required 10% deposit but require the remainder of the funds from the sale of your current property to enable completion within the required 28 days. We could raise the finance on your existing property enabling the balance to be paid for the auction property. This route helps ensure that you are not forced into a quick sale at a reduced price on your current property. The bridging loan is then repaid when your current house is sold.
We can find you bridging finance to buy an auction property from anything between £10,000 and £10 million. As we are market leaders, we can offer you a bespoke service which includes a free, no obligation consultation. In addition we can arrange the bridging finance loan quickly and give you a same day response on your application. In addition, our highly experienced experts can make sure that you get the best deal, with the best rates, meaning that you can benefit from the lower prices that auction properties often fetch.
Ascot Mortgages are an Independent “Whole of Market” UK Mortgage Broker. We are dedicated to providing the very best financial advice and the highest standards in customer service.
Please contact Ascot today, and you will be very glad you did.