Buying property at auction can be an exciting and nerve-wracking experience. Once the gavel goes down and your bid is successful, you are committed to buying the property. You will usually have to pay a non-refundable deposit of 10 per cent of the purchase price on the day of the auction, with 28 days until the balance is due. Traditional bank funding is usually unsuitable because of this tight timeframe.
SPF Private Clients, our dedicated specialist mortgage broker, has experience in arranging finance for buying at auction, knows which lenders to approach and can move quickly to secure the right funding for your circumstances. Its brokers can discuss the options available to you prior to the auction and are also around on the day to answer any questions you may have.
Email: SPFAuctions@savills.com