Types of loans
Auction Finance
Completion in days, not weeks
South West, South Coast England and South Wales
Auction Finance explained
Before bidding in an auction, you will need to ensure you funds available if your bid is accepted. If you are bidding, it is up to you to ensure you have an accurate idea of what you are buying, so be clear about the facts of the property or land which is for sale. A committed auction finance loan can give you the certainty of funds.
If you are going to bid at an auction, arrange the mortgage before the auction. You will need funds on the day to pay for the deposit and then the funds to pay the balance for the property a few weeks after.
If your auction bid is successful, you exchange contracts and pay a 10% deposit straight after the auction finishes. You then have a certain time period within which to complete. Sometimes, you don’t have to exchange contracts immediately. Instead, you pay a fee to reserve the property, which is non-refundable if you pull out of the purchase and then you have 56 days after the auction date to exchange contracts and complete the purchase.
Make certain you have the auction mortgage in place before bidding and remember, once the gavel falls there is no going back!
If you live in the South West or South Coast of England or South Wales, Bricks Finance can provide you with auction finance which you can replace with a longer-term mortgage once the process is complete.
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If you are going to bid at an auction, arrange the mortgage before the auction. You will need funds on the day to pay for the deposit and then the funds to pay the balance for the property a few weeks after.
If your auction bid is successful, you exchange contracts and pay a 10% deposit straight after the auction finishes. You then have a certain time period within which to complete. Sometimes, you don’t have to exchange contracts immediately. Instead, you pay a fee to reserve the property, which is non-refundable if you pull out of the purchase and then you have 56 days after the auction date to exchange contracts and complete the purchase.
Make certain you have the auction mortgage in place before bidding and remember, once the gavel falls there is no going back!
If you live in the South West or South Coast of England or South Wales, Bricks Finance can provide you with auction finance which you can replace with a longer-term mortgage once the process is complete.
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Frequently asked questions
Is the whole loan process managed online? If so, how can I apply?
You can apply online now by using our contact us form and we will respond within 24 hours. Or you can just call us on 01392 345778.
Do you offer loans for pensioners?
Yes, Bricks Finance lends to pensioners. You can apply now by calling 01392 345778 or use our contact us form.
Can I get a loan even if I am retired?
Yes, Bricks Finance lends to people who are retired. You can apply now by calling 01392 345778 or use our contact us form.
How long does it take to arrange a loan?
We have made loans as quickly as two days from initial request.
Do you offer short term and long term loans?
We offer loans from 3 to 36 months.
What’s the maximum amount of money I can borrow?
Between £50,000 and £2,000,000. Larger loans may be possible.