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If you are buying a property at an auction, you don’t have to pay it all in full on the day. You are only required to pay a deposit of 10%, you then need to pay the rest within 28 days although this can be slightly different depending on the auction house you purchase the property from.
There are a variety of properties that can be bought at auctions, including a plot of land, HMO (house of multiple occupancies), MUFB (multi-unit freehold blocks), semi-commercial properties, and normal residential properties such as family homes.
Bridging loans are great for this specific type of property purchase. Bridging loans are quick, and you may find a property at auction that would be a great opportunity but do not have the cash available to buy it in full. Many people rely on bridging loans to get these kinds of purchases over the line.
This information is intended for professional intermediary use only and must not be distributed to potential customers.
Enterprise Finance Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 302964. Certain types of loans are not regulated, for example loans for business purposes or certain buy-to-lets. Enterprise Finance Ltd is registered with the Information Commissioners Office.
Registration Number: Z6765361 Enterprise Finance Ltd is registered in England and Wales. Company Number: 04440152. Registered Office Address: The Edward Hyde Building, 38 Clarendon Road, Watford, WD17 1JW.
This information is intended for professional intermediary use only and must not be distributed to potential customers