General (main property discussion here) - Auction

Hi All,

i was wondering if anyone could answer the following (probably obvious) query regading finance and auctions.

If you find a lot on an auction catalogue that interests you, how/who provides a mortgage offer for a property with an undetermined value? Does the finance company issue a mortgage offer that covers a range of value.

I would appreciate any help?

David Horner

David, Damn good question!I have wondered about this myself.I can only guess that you need to have funds in place,ie cash in the bank,or take a bridging loan to cover the lot price,then hopefully get a mortgage.I will await other answers with great interest.