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08-06-2011, 12:00 AM
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Auction finance??
Hiya all,
I've found a property I like the look of and am going to view it on sat, problem is the auction is on the 15th of June so not much time to sort finance! Just wondered if anyone could help:- Is it essential to agree a mortgage in principle before going to auction?? Read lots of info advising that I MUST agree in principle BEFORE auction but spoke to mortgage broker today who said mortgage companies won't do this, am confused  any help greatly recieved.
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10-06-2011, 01:26 AM
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Re: Auction finance??
do u have any idea what your maximum limit is and have you any cash for the deposit? Once you know that you've got enough to cover the 10% deposit on the auction day and the auctioneer's/admin fees. The reason for the advice of arranging a mortgage in principal is that if you don;t come up with remaining 90% within the normal 28 day deadline (sometimes less), you could loose your 10% deposit. Also it is very tough to try and finalise a mortgage within this short space of time. So try and do as much as you can financially, prior to the auction day. Good luck
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