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Auction Finance

When buying a property at auction you may want to have your auction finance lined up before you bid, particularly as you will need to pay a 10% deposit on the day of purchase.

We can work with you to get an Agreement in Principle from a lender for the best funding to suit your needs (subject to valuation). This will allow you to bid with peace of mind.

An online valuation is available in some circumstances. Please get in touch to see if your project qualifies for an online valuation.

Read Our Guide To Auction Finance

Types of funding suitable for auction purchases:

Light and Heavy Refurbishment Short-Term Loans (STL)

If you want to carry out works on the property, you have the choice between light and heavy refurbishment products, which will depend on the amount of proposed works to be carried out.

We can help source mortgages for both light and heavy refurbishments as well as funding for the works on heavy refurbishment projects.

Buy-to-Let (BTL)

If the property you are looking to purchase requires no works to be carried out before letting out, a buy-to-let term loan or House of Multiple Occupation (HMO) term loan may be suitable.

A recent client success: sourcing finance post-auction

To invest successfully, property investors need expert support when sourcing finance.

This is just one example of a time when CPC Finance worked to help a client obtain finance in a timely manner to achieve their buy-to-let objectives following an auction.

The client attended the Dedman Gray auction and successfully bid on a property. At the time, the client had finance pending and confirmed this after speaking with CPC Finance on the day, but this finance subsequently fell through. The client called CPC Finance in order to source new funding with only two weeks remaining before completion was due.

CPC Finance worked efficiently to successfully secure the finance and indeed the purchase completed on time.

Top Tips

If purchasing for investment, research the property before the auction and consider whether the area is suitable for your chosen tenant type, the potential rental income and whether there are local management companies, if you don’t live nearby or won’t have the time to manage the property yourself.

Before the auction, download the legal pack and provide this to your solicitor for review. There may be additional searches you need to do. Make sure you have made all the necessary inquiries to the local council regarding planning permissions and know what legal costs might be associated with them.

You may want to pay for a valuation to be carried out on the property prior to auction to ensure it is suitable for a mortgage and attend the auction with a formal mortgage offer in hand.

Get in touch to find out more

+44 (0)1923 655441