Delmonte
Member
- Messages
- 878
I’m considering buying a house at auction for buy to let (on a mortgages). It will be my second BTL, but never used an auction.
I’m told you pay a 10% cash deposit on hammer fall (not a problem) but then have only 4 weeks to get the rest of the cash, which both my solicitor and mortgage provider say is tight, but not impossible. Of course they’ve can’t guarantee it. I suppose if anything crops up at conveyancing you could bust tHe deadline and lose deposit. The auction house then say you are looking at bridging loans - but I know nothing of these at all.
I realise that it’s not an ideal way to buy but am tempted by potentially bargain price (I’m looking in an area where sales and prices and rents seem to be ‘on fire’.
Anyone done the auction thing with a mortgage can give me any insight?
I’m told you pay a 10% cash deposit on hammer fall (not a problem) but then have only 4 weeks to get the rest of the cash, which both my solicitor and mortgage provider say is tight, but not impossible. Of course they’ve can’t guarantee it. I suppose if anything crops up at conveyancing you could bust tHe deadline and lose deposit. The auction house then say you are looking at bridging loans - but I know nothing of these at all.
I realise that it’s not an ideal way to buy but am tempted by potentially bargain price (I’m looking in an area where sales and prices and rents seem to be ‘on fire’.
Anyone done the auction thing with a mortgage can give me any insight?