A guide to purchase with a mortgage

Buying a property at auction can be exciting and fast, but before you start bidding it’s essential to understand the risks. One of the smartest moves you can make is to get a mortgage survey before the auction.

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Here’s why:

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 Auction sales are legally binding. The moment the gavel falls, you’ve exchanged contracts and must pay a 10% deposit. There’s no going back.

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 A pre-auction survey reveals hidden issues. Structural problems, damp, or subsidence could turn a bargain into a costly mistake.

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 You can factor repair costs into your bid. Knowing what you’re buying helps you set a realistic maximum bid and avoid overpaying.

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 Skipping the survey can be expensive. If you discover serious defects after winning, you can’t renegotiate or withdraw without losing your deposit.

 

Takeaway:

It’s far better to spend a few hundred pounds on a survey for a property you don’t buy than to lose thousands on one you can’t walk away from. Always do your due diligence before auction day; your wallet and peace of mind will thank you.