Prepare the file

Buying at auction

Auction purchases often complete in weeks. The legal pack, the deposit on the day and the source of the rest of the funds are the file.

Legal packTitle, lease and any notice. Read it before the bid, with a conveyancer if you can.
Completion deadline in the conditions28 days is common and not universal. Use the number in the pack.
Guide price versus what you might bidThe guide is not the price. The bid is.
Deposit due on the dayIt is often 10% and it is at risk if you cannot complete.
Works the property needs before it is habitableIf it is not habitable, use that page as well. A standard mortgage may not fit.

What this page will not do

This page is not a bridging offer and not a recommendation to bid.
A mortgage in principle is not funds on the completion date.
It will not name a lender, a product, or an approval chance.

Questions

Can I use a normal mortgage for an auction?: Sometimes, if the property and the deadline fit. Often the deadline is the problem. A broker has to say which for the actual lot.
Do you lend?: No. MortgageConnector introduces brokers. We do not lend and we do not bid.

MortgageConnector is a mortgage broker introducer and information service. We do not provide regulated mortgage advice. Where appropriate, we can introduce you to an FCA-authorised mortgage broker who can assess your circumstances and provide advice.

The matching service is free for you. Partner brokers pay MortgageConnector for introductions. If you ask for an introduction, the details you submit are shared with the selected partner. The broker is responsible for regulated advice. Check the firm on the FCA Register.

Your home may be repossessed if you do not keep up repayments on your mortgage.

These figures are illustrative.

An FCA-authorised broker can look at the actual income, credit and property. MortgageConnector introduces you. We do not choose the mortgage.

Find a broker experienced with auction purchases