First Time Buyer Guide to buying your own home.
Elevate your move with our tailored Home Mover Mortgage for a smooth transition to your new dream home.
Refinance with our Home Owner Remortgage for better rates, releasing equity, or funding improvements—empowering your homeownership journey.
Dive into property investment with our Buy-to-Let Mortgage, tailored for both seasoned investors and first-timers seeking to build a profitable portfolio.
Transform your vacation home investment dreams into reality with a Holiday Let Mortgage,
Green Mortgages 🌳 are a new type of mortgage that rewards you for making your home more energy efficient.
Mortgages Adverse Credit Mortgages 📉 are for people with a poor credit history.
Cut NHS wait times with private medical care and private hospitals.
Pay off your mortgage if you or your partner die.
Navigate property transitions seamlessly with our Bridging Finance, offering quick and secure solutions for your short-term financial needs.
Secure your auction triumph with Auction Finance, providing the financial backing needed to confidently bid and acquire your desired property.
The best place to find Auction Finance simpler, clearer, faster
The timeframe given for buying auction properties is much shorter than estate agents. It can be difficult to get the money together in time.
To complete in time, investors have two main options: purchasing the property in full with savings or Auction Bridging Finance.
Auction Finance is available if you are buying to renovate, sell or rent out. The property can also be in any condition.
Property Investors and Landlords use Auction Finance in different ways. Those looking to sell the property can enjoy terms up to three years, though most are taken out on 12 months. Landlords use Auction Finance to just purchase the property. With the aim to refinance as soon as possible. To get access to most of the market, Landlords refinance after six months. We do have access to lenders who will refinance within six months of purchase or renovation. If the property needs renovating. This needs to be done and completed prior to refinancing onto Term Finance.
It's not a dissimilar offering. Bridging Finance gets you from one point to another it can be fast but often not a top priority. Whilst Auction Finance big emphasis is on completing quickly within 28 days.
You definitely need 10% deposit the auction house requires on the day. The remaining 90% is required within 28 days.
It would be unwise to pay 10% deposit without first being pre-approved for finance. You can be declined for many reasons from your circumstances, requirements or the property.
The penalty for not completing in time can include:
Ask your mortgage broker about auction finance pre-approval. This is a Mortgage in principle with the lender. Giving you confidence that finance is approved should you win the bid.
You can get Auction Finance on a 1-3 year or 6-month term. The best auction term for you depends on your requirements.
If auction finance is used to complete the purchase quickly, then six months is fine.
If the property needs renovation, then a longer term is required. The duration depends on how quickly those works are expected to take.
You should check with the Auction House what they need. The general terms are to pay a deposit of 10% on the day. A cheque is often acceptable. You'll also need to pay the remaining balance within 28 days.
The remaining balance is often paid from quick auction finance, savings or equity.
In total, a minimum deposit of 25% of the Purchase Price is required. With 10% of the purchase price paid on the day of the Auction.
The maximum is 70-75% Loan-to-Value (LTV) for auction finance. Higher risk purchases can see the LTV decrease requiring more deposit. If the lender views the proposal as risky.
You may see 100% LTV Auction Finance advertised, this is where the deposit is secured on other property you own. Most lenders are happy with multiple securities.
The higher the deposit and more security you can offer the lender, the lower the LTV and better rates you can obtain.
Auction Finance is a short term loan. The lender wants you to fully repay the outstanding balance and any interest by the end of the loan.
The Exit is how you are going to do it. Typically your planned exits could be to:
Your planned Exit is important to the Auction Finance lender to feel secure in lending you the funds. As well as obtaining Auction Finance your Mortgage Adviser can arrange possible
The lender will charge you interest in one of three ways. You can discuss the best method with your mortgage adviser.
Serviced Interest. As a typical loan or mortgage, you pay the interest payments each month.
Yes, it's a frequently used option for Landlords. It's not dissimilar to normal Auction Finance, but you may find higher interest rates. All shareholders and directors will be required to sign personal guarantees.
Finance is available for Trading Limited Companies, but lenders prefer new Special Purpose Vehicles (SPV) with no trading history or other activities.
You will typically find that bridging lenders are also auction finance lenders. There is a difference, but it is about time and ensuring the lender can complete promptly.
Auction Finance Brokers will compare the many lenders and criteria. Proposing to you the best Auction Finance Rates. If you do not wish to use a specialist, you may try these lenders:
First Time Buyer Guide to buying your own home.
Elevate your move with our tailored Home Mover Mortgage for a smooth transition to your new dream home.
Refinance with our Home Owner Remortgage for better rates, releasing equity, or funding improvements—empowering your homeownership journey.
Dive into property investment with our Buy-to-Let Mortgage, tailored for both seasoned investors and first-timers seeking to build a profitable portfolio.
Transform your vacation home investment dreams into reality with a Holiday Let Mortgage,
Green Mortgages 🌳 are a new type of mortgage that rewards you for making your home more energy efficient.
Mortgages Adverse Credit Mortgages 📉 are for people with a poor credit history.
Cut NHS wait times with private medical care and private hospitals.
Pay off your mortgage if you or your partner die.
Navigate property transitions seamlessly with our Bridging Finance, offering quick and secure solutions for your short-term financial needs.
Secure your auction triumph with Auction Finance, providing the financial backing needed to confidently bid and acquire your desired property.
We are your online mortgage broker, offering you the convenience of applying for a mortgage online. However, we understand that sometimes you may prefer to speak with a human - phone, email or in person.
31 Bradford Chamber Business Park,
New Lane, Bradford, BD4 8BX
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We are authorised and regulated by the Financial Conduct Authority (No. 919921). The FCA does not regulate most Buy to Let mortgages.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Cyborg Finance Limited is registered in England and Wales (No. 12131863) at Bradford Chamber, New Lane, Bradford, BD4 8BX