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how is it possible ? auctioned properties

Started by theskid, March 25, 2024, 02:30:35 PM

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theskid

hi just trying to purchase my first additional property to let
was looking down the auction route,but they give 28 days to complete transactions
where asking to borrow additional funds on my current mortgage takes 6-12 weeks for a buy to let deposit
then the buy to let will take 6-12 weeks to go through.
 Is there a possible way to get a property via an auction using the borrowing way?
thanks

jpkeates

Not using a mortgage, you'd need some kind of bridging loan.

Many mortgage lenders won't lend against a property you haven't owned for a minimum of six months or will only do so with a higher than otherwise interest rate.

Despite what you might think, or have been told (or sold), that particular route into BTL hasn't been available for decades. And buying a BTL property via an auction is high risk, full stop. There's going to be a reason the seller is choosing to make less from a sale.