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If you buy a property at auction, you will need to pay a deposit (normally 5 - 10%) there and then, once the auction is complete.

 

Paying a deposit at auction

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Make sure you have finance available in case you are successful.  A bank cheque is the accepted form of deposit, although some auctioneers may accept a personal cheque – find out before the auction what is acceptable.

Settlement is usually 4-6 weeks after the auction.  If this doesn’t suit, you may be able to negotiate this with the agent, but you will need to do so before the auction takes place.

If you don’t have the funds available for your deposit, we may be able to assist you by providing an overdraft facility.  Contact us for more information.

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The content on our site is for information only. You should obtain professional advice relevant to your circumstances. Our lending criteria, terms, conditions and fees apply to all loans. For borrowing over 80% of a property’s value, a Low Equity Premium on a graduated scale will apply. Contact us for more details.

 

Need home loan help?

Whatever your situation we can help.  Come into any branch, call us on 0800 185 185 or contact a Mobile Mortgage Manager.

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