Our new Property Auction Finance Loan is specifically tailored to those looking to buy residential properties at auctions with rates starting from 0.54% per month.
The product is available to private individuals, joint borrowers, limited companies and LLPs. It applies to all residential property types that are vacant, let on AST (assured shorthold tenancy) or in need of refurbishment, with commercial properties considered on a case-by-case basis.
The launch comes amid a huge rise in UK property auction activity. According to the latest EIG report, £539.5 million worth of property was sold at auction in September 2021, a 15% hike in value compared to the same month in 2020. Google search engine data has shown a 50% rise in enquiries about property auctions over the past year.