How can I get a mortgage on a property bought at auction?
I would like to look into buying a property at auction as I am a first time buyer, unable to get a foot on the housing ladder. After looking into various Goverment schemes, my only other option is shared ownership.
I would like to know the process of raising a mortgage for a property bought at auction.
I know that a 10% deposit is required on the day of the auction.
Is it a case of obtaining a mortgage in principle, purchasing the property and then applying for the mortgage after the sale?
I am assuming that no mortgage lender will lend money without there being a property in place to secure the loan on.
Any information on this would be appreciated