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Borrowing for auction

3 replies

Cassimin · 07/02/2024 10:12

Was wondering if anyone has any advice.
my son is looking to buy a house at auction.
He has a deposit but no idea on how about obtaining a mortgage.
How does he guarantee a quick turnaround on a mortgage as he doesn’t want to buy a property then not have the money available to complete.

OP posts:
VainVillein · 07/02/2024 11:38

I can't advise on the mortgage question but just wanted to make sure your son realises that if he bids successfully on a house without his mortgage in place they will not only take his deposit money but he will lose the house when he is unable to complete.

Cassimin · 07/02/2024 11:42

Yes, that’s what we need to find out.
I bought from auction but had the cash so completed in a day.
Ive Also bought with a mortgage and it took ages.
I’m sure there must be a way to speed it up as I imagine not all auction properties are bought with cash?

OP posts:
Lochroy · 07/02/2024 11:52

Has he spoken to the auction house about what the standard practice is? It would also make sense to speak to a mortgage broker to see if they have experience in this area.

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