I'm thinking of buying a house at auction. For the house I'm looking at I have enough cash to pay for about 50% of it, and the mortgage I would need would be about twice my salary. Are there any mortgage companys who will give a mortgage on a house bought at auction, and will any of them pre-approve a certain amount?
Cheers,
Steve
There is no reason why any lender would refuse a house bought at auction. As Long as the property fits their normal lending criteria. ie Standard construction yadda yadda yadda.
Most properties bought at auction MUST complete in either 2 or 4 weeks, that is where the problem may arise, as lenders like to take their time. It can be done, but might be tight.
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