Can you get a mortgage on an auction property?

It is possible to get a mortgage on an auction property.

However, when buying property via an auction you need to be aware that there is only a limited amount of time for you to pay for the property in full. Also properties at auction might be repossessed, dilapidated, non-standard construction or unmortgageable.

High street mortgage lenders are only looking for properties that can be occupied immediately, either as your own home or as a let property. Many properties are sold through auctions because they are not fit to live in.

The alternative is to use property auction finance, which is a type of bridging loan. These can be arranged really fast, on any type of property. Once you have bought the property your mortgage broker can help you to remortgage over to a cheaper long term mortgage.

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