If you’re looking for an innovative and affordable way to finance your mortgage, you should explore auction finance. With auction finance, you’ll get access to the same mortgage rates as traditional lenders, but at much lower interest rates than other loan types.
Purchasing a home at an auction is exciting, but it might be stressful and perplexing, especially because of the short deadlines.
If you are the highest bidder on the day of sale, you must make a hefty deposit (usually 10%) immediately and then finish the remainder of the money within 28 days.
If you don’t pay within the specified time, you might lose your deposit, be held responsible for the whole amount, and be required to reimburse the expenses of selling the property at a future auction. You are usually compelled to exchange contracts on the same day you buy at an auction and have already committed a significant deposit to secure it. You then have a very limited time to get a mortgage in place.
This can put a lot of pressure on you to find financing quickly, but it is possible to get an auction finance mortgage within 28 days.
We have the knowledge and experience to help you obtain and maintain the best financing for your needs.
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