Can someone please tell me where I can buy very cheap properties in UK at auction prices.

I also want to know whether I can apply for mortgage on an auctioned property in UK.

waiting replies,

Hello,

You can buy auction properties from several auction houses, they usually deal in different regions e.g London and South East, North West England etc but some cover the whole of Uk too

see the following websites:-

http://www.auction.co.uk/default.asp?Auction=R

http://195.224.227.45/fpdsavills/lond_Current_auction.asp

http://auctions.erinaceous.com/

http://www.edwardmellor.co.uk/auction_catalogues.html

There are several others. You can also subscribe to Auction web services that will forward you a list of upcoming Auctions across the country


As per mortgages - most banks will lend against such properties - however its important to get such mortgage in place before bidding at auction as you will have to pay 10% immediately you win the auction and the balance of funds is due in 28 days. As you can appreciate that does not leave a lot of time for conveyancing,Valuation and Financing to be in place.You can take out what is called Bridging finance which allows you to complete the purchase and then re mortgage afterwards

All said and done it is achievable with good planning.

@ naijacutee,

thanks for your reply. I have no experience in the field of property auctions but I am an expert in the field of property renting . Likewise, I know what I want in a property and know how to choose a good property but I am working my way up, to achieve financial stablility

@ afropean,

Thanks for your reply too. I will check out those website links. As per paying 10% and then the remaining balance in 28days, a person needs to be somewhat of a millionaire to be able to do that.