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Corsa Sport » Message Board » Off Day » House Day » Buying Property at Auction » Post Reply
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deano87 |
posted on 19th Sep 13 at 18:58 |
quote: I think this is the case. tbh, my Mrs was probably talking out her arse and she gets confused when I talk about 90% LTV or 95% LTV. I will leave her to buy all the pots & pans I think :lol: | |
RichR |
posted on 19th Sep 13 at 07:24 |
I know that a lot of BTL mortgages have been withdrawn for first time buyers and lots of lenders have a prerequisite that you must own another property or have a domestic mortgage before they'll lend on a BTL mortgage. It wouldn't surprise me if it was similar for auction properties now | |
RichR |
posted on 19th Sep 13 at 07:20 |
quote: | |
John |
posted on 18th Sep 13 at 20:55 |
Deano was referring to him thinking that it wasn't allowed, he says so above, nothing to do with difficulty of raising a mortgage. | |
Ian |
posted on 18th Sep 13 at 20:45 |
Is it any more difficult to do that as FTB? I would think you need more equity whether its your first home or nth investment? | |
RichR |
posted on 18th Sep 13 at 08:44 |
I think what Deano is referring to is the difficulty to raise a mortgage against an auction property for a first time buyer-not that a first time buyer who can secure the funds elsewhere can't buy one | |
Ian |
posted on 17th Sep 13 at 21:23 |
Why should a FTB not buy anywhere they please? | |
Hammer |
posted on 17th Sep 13 at 17:34 |
The heating will be on optimal settings and only when his pie charts and spreadsheets allow for it. | |
Ben G |
posted on 17th Sep 13 at 16:54 |
Probably worried deano will be as frugal with the central heating as he is with his cars. | |
Hammer |
posted on 17th Sep 13 at 14:54 |
Your Mrs doesn't want to move in with you.... | |
deano87 |
posted on 17th Sep 13 at 05:36 |
From a mortgage perspective John, not cash. | |
John |
posted on 16th Sep 13 at 20:54 |
Why can you not buy as a first time buyer? How would they ever know that if you didn't tell them? | |
deano87 |
posted on 16th Sep 13 at 20:30 |
As said, I read into it. | |
AndyKent |
posted on 16th Sep 13 at 17:00 |
Guide prices are always set low so that (a) it draws interest and (b) makes the auction place look good. | |
James |
posted on 16th Sep 13 at 15:17 |
The place I had my eye on sold for almost double the guide price anyway. | |
RichR |
posted on 16th Sep 13 at 10:49 |
The fee will be the 'seller's fee' payable to the auction house. They're covering the fee by passing the 2% charge on to the buyer | |
RichR |
posted on 16th Sep 13 at 10:47 |
You can't bid subject to survey. Deposit and fees normally needs paying on the day and completion within 30days is the normal. | |
Rob_Quads |
posted on 16th Sep 13 at 10:39 |
Pretty sure you can't bid subject to survey. | |
James |
posted on 16th Sep 13 at 09:28 |
Couple of questions: |