Together helped an auction buyer keep her purchase on track with a five-day funding turnaround, after another lender threw in a three-month process less than a week before the planned completion date
The customer was in the process of buying a two-bedroom bungalow at auction through Auction House East Anglia, using another lender to fund the purchase. But just five days before the completion date, the lender requested a search on the property that could take up to three months to complete, putting the purchase at a significant risk of falling through.
After being introduced to Amy Schofield, Auction Sales Director at Together, they agreed to lend her 75% of the £178,000 purchase price using their auction finance. They accepted a ‘no search’ indemnity, and instructed a solicitor within 24 hours of the customer contacting them. Together worked directly with the solicitor to speed up the process and was able to provide the funding within five days, allowing the customer to complete on the purchase as planned.
The customer was delighted:
“We just took a bridging loan – brilliant service from start to finish. Massive thank you to Amy Schofield for getting us the loan in such a short time frame! She is brilliant! I would definitely recommend this company and we will be using them for our next loan/house purchase. Thank you.”
What is auction finance?
Auction finance, also known as bridging finance, is a type of short-term finance which can be used to complete on an auction property purchase quickly. The loan is secured against a property, and typically lasts for up to 12 months.
This allows buyers to use auction finance to bridge the gap until they can secure a traditional mortgage, or gives them time to sell other assets to pay back the loan. Interest-only repayments can be made each month, or it can be paid back with interest in one go at the end of the term.
Auction finance can be used by home buyers and investors, and can be used for property purchases that high street mortgage lenders may not lend on. So whether you’re adding to your portfolio, buying a new home or after a redevelopment opportunity, auction finance could help you seal the deal.
Who are Together?
Together are market-leading property finance experts with a common-sense approach to lending. They support individuals, businesses and property professionals to realise their ambitions by making finance work for them. They work with borrowers with non-standard incomes, complex finances and challenging properties to make bespoke lending decisions based on the big picture, not standard lending criteria tick boxes.
Together can arrange auction finance within the 20 working days required to secure an auction purchase, and often even faster.
Need help funding your auction property ambitions? Learn more about Together auction finance here, or get in touch with one of their auction experts for personalised lending advice.
Lending decisions are subject to an affordability/creditworthiness assessment. Any property used as security, including your home, may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
