The two main differences to buying a property at auction versus a property on the market are that the buyer must exchange contracts on the day of the auction, and also has a 28-day deadline for completion. Hope Mortgage Solutions works with lenders that specialise in auction finance and work within the strict time-frame needed to ensure you have the funds in time for completion.
Why use auction finance over a traditional mortgage?
Traditional mortgage lenders cannot guarantee to have funds released to you within the 28-day timescale, auction finance lenders work very quickly to get funds released to you, reducing the risk of missing the deadline.
The property may not be suitable for traditional mortgage lenders which is why it is being sold at auction, the short-term finance can be put in place for the duration of the work being carried out.
Like bridging finance, lenders will need to see a clear exit strategy is in place, this may be the sale of the property or re-finance onto a traditional mortgage. Hope Mortgage Solutions arrange the mortgage for the exit strategy alongside the auction finance.
WHY USE HOPE MORTGAGE SOLUTIONS?
WHOLE OF MARKET MORTGAGE BROKER
PROFESSIONAL, PERSONAL ADVICE TAILORED TO YOU
'LIFETIME FEE' SCHEME - ONE FEE PAYABLE FOR MORTGAGE ADVICE FOR LIFE
ACCESS TO THOUSANDS OF MORTGAGE PRODUCTS
LENDER EXCLUSIVE PRODUCTS WHICH ARE ONLY AVAILABLE THROUGH BROKERS