Yes, you can and many of our buyers purchase with finance provided by lenders. You will nearly always need to have the deposit monies, however if you have other property assets you may be able to borrow against these.

How do you get money to buy a house at auction?

With these caveats in mind, here are ways to finance a cash purchase at auction.

1. Get a hard money loan.
2. Use peer-to-peer lending.
3. Use your home’s equity.
4. Get a personal loan.
5. Get a fast mortgage.
6. Finance with the seller.
7. Buy through an auction site.

Is buying a house at auction a good idea?

Auctions are an efficient way of buying property at a good price and avoiding a potentially lengthy sales process. Property auctions are a good way to land a bargain in a quick sale that avoids a potentially lengthy, conventional buying process.

How much can I Borrow to buy a property at auction?

You can usually borrow up to 70-75% Loan to value of the property (i.e. size of the loan compared to the value of the property). Please note that if you were to use another property as collateral which has equity you may be able to borrow more or achieve lower rates or both. That finance is available to you.

What kind of loan can I get from auction house?

Auction House has teamed up with two national specialist lenders that can provide short term bridging loans, designed for auction purchases, making them an ideal option whether you are looking to buy residential or commercial property.

When to use auction finance to buy property?

If you want to buy property at auction but your working capital is tied up in equity in your portfolio, auction finance is the logical solution. Or maybe you’ve got a decent amount of working capital in the bank but you’d like to aim for more growth, and buy a more valuable property for a potentially bigger return.

What can be used as a bridging loan in auction?

In the rare exception when the auction purchase is not suitable for bridging finance, alternative owned properties or properties owned by a willing person could be used to secure the purchase. Should the 10% deposit not be available, this can be secured on another property if required.