Bridging loans are a popular source of finance for borrowers in need of fast access to capital. And when it comes to purchasing a property at auction, the ability to access and deploy funds is essential.
Auctions have become an attractive avenue for buyers seeking to avoid protracted and delayed buying procedures – in 2018, over 26,000 homes in the UK were purchased at auction, accumulating to nearly £2.89 billion worth of sales.
At MFS, we have seen a noticeable spike in the number of prospective homebuyers looking to purchase properties at auctions. There are a variety of factors for this; not only do auctions protect the buyer from gazumping and gazundering tactics, there is also a set completion period of just 28 days once a 10% deposit has been paid.
However, despite their rising popularity, property auctions can prove complicated for the uninitiated. But fear not, Market Financial Solutions is here to help.
Following the success of our inaugural education series, Bridging 101: Your Guide to Bridging Loans, we are pleased to announce that this May, we will be launching a brand-new initiative dedicated to educating people about auction purchases and bridging loans.
Drawing together leading market insights from our team of Business Development Managers and Underwriters, not to mention some of the UK’s leading auction houses, MFS will highlight how buyers can ensure they are positioned to successfully purchase a property at auction.
Our weekly briefing emails will address topics such as:
- The advantages of buying a property at auction
- How to successfully finance a property auction purchase
- The common reasons why auction property transactions fall through
Want to find out more? Download our Property Auction Finance Guide to get an extensive overview about the auction finance landscape.
