Regulated Bridging Loan for Auction Purchase
Buying at Auction can be an exciting and exhilarating experience. The uncertainty of the auction room and the chance to secure a bargain makes Auction Purchase very popular. However buying at Auction is no joke and you need to be a serious and committed buyer.
If you win a property at Auction you need to exchange contracts on the same day as the auction and also pay a minimum 10% of the purchase price. That is when the clock starts ticking and you have just 28 days to complete.
Because of this buyers need to be absolutely certain and committed to completing the purchase, because failing to do so can be very costly. This when a Regulated Bridging Loan can help.
Regulated Bridging Loan for Auction Purchase
A Regulated Bridging Loan can be used to help purchase a property at Auction that you plan to live in. The loan can be secured on the home you purchase, or possibly a home you already own.
Because a Regulated Bridging Loan has no monthly payments, there is no income or affordability assessment. This means Regulated Bridging Loan applications can be done very quickly. Once the application is complete and a valuation has been done, the loan can be offered ready for the purchase.
You will need to have cash to put into the deal or another property to secure against. The most important thing is your exit plan, which is how you plan to repay the Bridging Loan. The maximum term is 12 months so you need to be able to repay the Regulated Bridging Loan by remortgage or sale of a property or some other form of repayment strategy (inheritance or pension draw-down).
Key Features of a Regulated Bridging Loan:
- Loans from £25,000 to £10,000,000
- Loan to value up to 70% (100% with additional security)
- Secured on Residential Property
- No monthly payments
- No income or affordability assessment
- No exit fees
- Repay in full or in-part at anytime without any penalty
- 12 month term
- Receive funds quickly, usually in weeks and sometimes in days.
Contact us
About us
First Select Bridging Loans are friendly and professional FCA regulated mortgage brokers. We can access mortgages from the whole of the UK mortgage market, meaning we can get the best possible deal for our clients circumstances. Based in Manchester, we are a family business with decades of experience in financial services. Our goal is to be the most trusted regional mortgage advisory business in the northwest of England.
Our team of experts are ready and waiting to help. Contact the team below:
Phone: 0161 393 1575 // 07780 446 937
Email: hello@firstselectfs.co.uk