Looking to buy a property at auction? It can be exciting and save you thousands of pounds, but you need to have your finances sorted before you make that first bid. That way when that gavel hits the auctioneer’s table you will be in the perfect position to steam ahead with your property purchase – without incurring late costs.
What you may not be aware of is that you do not need special finance for an auction property; what you do need is sound advice from an experienced auction property finance broker. DMI Finance specialise in auction finance. Our experience and skills will help you confidently and safely purchase property or land at auction. We have more than 15 years of helping UK property buyers and property investors complete auction purchases. well within the set time-frames.
We’ll arrange a suitable finance package tailored to your specific requirements, whether it’s a purchase of land, commercial property, residential property, or development opportunities – with or without planning permission. This might be a regular mortgage available on a buy-to-let basis, or if the property is to be owner-occupied, a residential mortgage.
We can also source high loan-to-value products, even if you have poor credit rating or CCJs. If a regular mortgage is not suitable or available, a range of short-term finance facilities are available to secure the purchase. If you are buying land this can be purchased using development finance.
So, what do you need to do?
- View the property before the auction; the auctioneer will provide access
- Discuss your plans with an experienced and independent auction finance broker
- Obtain a decision in principle from your broker. This makes sure – as far as possible – your required finance will be available within the ideal timescales
- Appoint a solicitor with experience in auction purchases to ensure completion on time
- Instruct your solicitor before the auction so they can download the property’s legal pack and advise you of any legal issues, before you commit
- Have a realistic maximum figure in your mind (the guide price is just that) and don’t go above it
What your broker will check
- Your financial status
- Condition of the property you are looking to buy
- Intended use of the property (such as development or letting)
- Length of time you intend to hold the property
- Completion timescale
DMI Finance arranges finance for all property purchases and deals with:
- Land and developments
- Buy-to-let mortgages
- Finance for all commercial property including shops, pubs and hotels
During our many years visiting major auctions in the Midlands, London and on the South Coast, we’ve developed a tried and tested method and internal auction purchase procedures which we know work really well. So if you’re thinking about buying at auction, whether you are experienced in this area; have never bought at auction or really don’t know where to start; get in touch with us for a quick chat and a no obligation decision in principle. We’ll help make sure you can finance your purchase with confidence and then work alongside you to help the process run smoothly.