| Comment | You need to be very careful with buying at auction - 10% of the purchase price is due immediately, then you are typically bound to complete within 28 days. This is much faster than most solicitors and lenders are used to working, and the penalties for taking longer can be eye-watering.
Generally properties at auction have something wrong with them so you may struggle to get a mortgage at all, let alone that quickly. It's not exactly difficult to shift property at the moment, so you have to ask yourself why they've gone for an auction. |
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