Buying residential property at auction?
I know i need 10% on the day and to complete in 28 days, if i get a mortgage in principle, then the mortgage company can complete in 28 days? is that right?also whats the best way to finance it?got 10k cash, 18k equity in a buy to let property. about 50k in own home
Answer
It is only advisable to buy on auction if you need little of mortgage as, it is a tug of war to complete the mortgage formalities in 28 days.also the actual mortgage is received after proper valuation of the mortgage lenders surveyor.if you got the equity and get a remortgage against your property arranged then, i assume you are in a better position to buy in auction and be secured in case you are let down by the mortgage lender for mortgage on the auctioned house.you can latter decide which way to go.
