Property auctions are one of the most exciting places to trade in property. The process for buying and selling property at auction happens much faster than with standard property sales, so it’s important to have your finances arranged in advance if you are looking to buy.
If you’re the winning bidder when the hammer falls, you’ll usually be required to pay a 10% deposit straight away. The remainder of the balance is then usually due within 28 days and there are penalties if the timescales are not adhered to.
It used to be that you needed to have funds readily available or a mortgage agreement in principle from a limited number of lenders. However with more lenders specialising in this area there are a range of competitive auction finance options available to fund your auction purchase.
Pugh & Co work closely with Together Money - a market-leading lender with a range of specialist auction finance options. Together Money attend most of our auction events and help clients obtain finance fast and efficiently, so they can purchase with confidence.
How the auction finance process works
If you need to borrow money to fund your auction purchase, the Together Money team are available at all stages of the auction cycle to offer guidance. They can advise around the available auction finance and short-term lending options, to arrange a finance package tailored to your specific requirements - helping you secure the funds you need as quickly as possible.
Pugh auction listings typically feature a broad range of lots, including residential and commercial properties, land and other property assets. Together Money can arrange finance for virtually any auction property in any condition - from residential properties and land (with, or without, planning permission), to commercial, industrial or mixed use property, vacant or tenanted.
For example, Together Money can pre-approve a short-term loan before, during, or after an auction, without affecting your credit file. If you have already found a property you would like to bid on, the Together Money team can arrange pre-approved finance in advance.
This enables clients to bid on the lots they want to purchase with confidence, with the peace of mind that the necessary funds will be available on time.
Together’s auction finance rates start from just 0.49% per month, and the speed of their funding solutions is one of the fastest in the market.
So if you are thinking of buying at auction and need any short-term finance, follow this link for a FREE no obligation enquiry.
Get an in-principle decision, in advance
To see how much you could borrow, contact Together Money for a FREE in-principle decision so you can bid with confidence on auction day.