Financing proprty purchase at auction

[Sarah_W]

I've recently purchased a place to renovate at auction and work is well under way with it. It's expected to be completed early September and I'm assuming:
1 month to find buyer
1 month to exchange contracts
1 month until completion

It's been great fun and really enjoyable and I'm keen to get another place on the go from September, but whilst this one was very cheap and I've managed to pay for it without finance, I'd need a mortgage for the next.

Are mortgages hard to get for auction properties or is there perhaps a better way of doing this such as a bridging loan? If I purchased at auction, what's the likely quickest time I could get a mortgage arranged?

Thanks folks :-)

[Shake&Bake]

Have you read the newspapers in the last 12 months???

[scotal]

Auction properties can be mortgaged, however there is extra stress that contracts are exchanged at the hammer fall, and the auction house will forfeit your deposit to the seller if you don't complete within 28 days.

You need to be really sure that the property is mortgageable prior to the auction.

[elster]

Sorry I can't help you with the specifics, but a friend has bought at auction last month.

I think he got a survey done on the house by the bank before he went in to bid.

[jas xjr]

if you attend property auctions regularly you will find companies there that specialise in auction property finance. do not know how much more difficult things are at the moment though

[Jasandjules]

Is this a real question?

[scotal]

jas xjr said:

if you attend property auctions regularly you will find companies there that specialise in auction property finance. do not know how much more difficult things are at the moment though

They are simply briding finance arrangers. And they will take their pound of flesh.

[scotal]

Jasandjules said:

Is this a real question?

Its a pertinent one. A fair number of people have been bitten by not doing their homework, getting steamed up in an auction room and then found the dream proeprty they just bought at a bargain price is unmortgageable.

[Neil_H]

Sarah_W said:

It's expected to be completed early September and I'm assuming:
1 month to find buyer
1 month to exchange contracts
1 month until completion

You know what they say about assumption being the mother of all fk-ups!

[elster]

Yes, friend on MSN.

He got a survey done on the house by the bank making sure his deposit was in an easy access account.

He went to the auction knowing his top limit and off he went bidding, won. Was all done within 6 week period.