Belt Auction

auction...?

im a first time buyer and thinking of buyin my first home at auction. i dont have the money to buy it so i want to take a mortage out on it how do i do this?

Public Comments

1. you need to see a mortgage broker so he can give you an idea of what you can borrow and who you should borrow it with.
2. I would say as a first time home buyer an auction house is not the way to go unless it is only a few years old. Many things can be wrong with the home and you don't seem to have the funds to fix them if needed. You should look at other options.
3. Hello!! kaia07. this is a very comlicated procedure in your case, and could prove expensive. :- first step go to your bank and see what amount you could raise on a mortgage on your income etc. :- Explain what you want to do, and if your bank manager approves you have to arrange a bridging loan. :- You have to pay on the dot for auction purchases, and you then have a firm contract when the hammer goes down. Before you even bid though you have to be sure of the condition of the property. Most of them at auction need a lot of work done on them. To my mind it wold be too risky if you do not know your way round the system. My advise woud be find another way,and bargain hard because at present it`s a buyers market, the agents price means nothing like the realistic selling price. March drop in property prices dropped 2.5% tha`s a big drop.
4. hmmm....buying at auction is not easy even for those who have down it loads of times..you have to be very organised....not sure a mortgage is the way to go with this......if I where you I would contact an auction house and get them to explain or download the buying guidelines from their website... the things about auction are 1.the finance needs to be in place including the deposit you pay on the day..the rest is needed in 21-28days if you don't have it then you loose the deposit altogether.... 2.you need solicitors who have done this before and can move fast 3.you need to do your viewings and surveys b4 the auction.. the biggest problem with a mortgage is the money coming through in time...esp in todays climate. 4...and read the legal pack that comes with every property there are things hidden in there sometimes which may cost money or time...beware..go into this with your eyes wide open or it will cost you a hell of a lot...good luck..
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