Are you looking to source finance for a purchase at auction? Doris & Vi are your Auction Finance Specialists in Darlington. Helping you to secure fast access to funds when you need them most.
Have you found a property that’s going to auction? Are you worried about how you may be able to finance a purchase via auction and how this works? Buying a property at auction can be a daunting experience. However Doris & Vi can help to reduce the pressure by enabling you to source the finance required to fund your auction property. Auction finance can be provided in a short period of time and Doris & Vi’s expertise will enable you to compete with the most experienced investors.
Typically at auction, when your bid is accepted you may be required to pay a non refundable 10% deposit to the auctioneers. You will then have up to 30 days to complete the transaction. It is very difficult to arrange a residential, or Buy to Let mortgage in such a short period of time. A bridging loan is a great solution.
A bridging loan can help you access funds quickly to complete a property transaction. This makes them an ideal solution for buying at auction. In addition, they are also useful if you want to purchase a new property before your current property is sold. Or maybe to allow renovations a property in a short space of time before selling it on. In these scenarios, a bridging loan could provide the stop-gap you need.
A bridging loan is a short-term solution which lasts between 1-24 months. They are often used by landlords, developers and people stuck in a broken housing chain. Due to the nature of the loan they can be expensive and it is crucial before taking out this type of finance that you know how you will repay the loan, for example through the sale of a property or with funds from a mortgage. Doris & Vi can also arrange your ongoing finance, in the form or a residential or Buy to Let mortgage.
Our advisers utilise their access to the many specialist lenders to ensure all applicants receive the best rate possible for their needs.
Second Charge Finance
A second charge mortgage works just like a normal mortgage. It’s secured against your property and you will make monthly repayments until the full loan and interest is paid back. The beauty of this type of mortgage though is that you can raise funds for any legal purpose without disturbing your current mortgage. For example, home improvements, debt consolidation or a deposit for a buy to let.
If you have been declined by your current mortgage lender for a remortgage or further advance due to bad credit then don’t despair. We work with lenders who offer competitively priced second charge mortgage products for borrowers with current and past bad credit. Rates and criteria are really competitive and our team can access every lender in the marketplace, so you can feel rest-assured that we will get you the best deal.
Our advisers utilise their access to the whole of the mortgage market to ensure all applicants receive the best rate possible with latest applicants being offered market leading interest rates alongside a wide range of exclusive deals that aren’t available on the high street.
There is a wide range of lenders and private funders who offer commercial mortgages. However, their lending restrictions and appetite differ greatly. Therefore, if you want to avoid lenders giving you the run-around, it’s important that you speak to our whole of market team who know which lenders to approach to achieve the best outcome.