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Going, going, gone to the auction!

018th July 201820th December 2018
By Oakwood Mortgage ServicesIn General

If you think property auctions are only for professional property developers or investors think again. They can be a great place to pick up a family home.

In 2017, some £3,190 million worth of UK residential property was sold at auction, accounting for 21,024 properties. Even though this is just a drop in the ocean compared to the 99,800 residential properties bought through regular channels in December 2017 alone, buying at auction gives you the chance to pick up your dream home (or a fixer-upper) at a good price and makes the buying process much quicker.

Homes under the hammer

Before you take your place in an auction it’s important to decide on your price limit. You should base this on the price that similar properties in the same area have recently sold for – and of course your own budget. Remember to factor in any additional costs, like mortgage fees and any stamp duty that may be due. If you’re not a cash buyer it’s wise to get a mortgage decision in principle before you raise your hand, as winning bids are legally binding as soon as the gavel goes down. If you win, you have to pay a 10% deposit on the day and you usually have a further 28 days to pay the remaining 90%.

Know what you’re bidding for before you bid!

Before you bid on a property in auction you should go and view it – the same way as you would if you were buying through an estate agent. You should also take the opportunity to employ a Surveyor or similar to carry out a Homebuyers Report or Full Structural Survey. You won’t get the cost of the survey back if you’re out-bid in the auction but that’s preferable to ending up with a large investment in something that requires a lot more work – and money – than you bargained for.

If you’re thinking of buying your home under the hammer:

  • You could find a great deal, whether it’s an undervalued home with planning permission or a renovation project, there are plenty of bargains to be found at property auctions.
  • It’s quick; the entire process should be complete within 28 days of the auction It’s transparent, so you won’t have to worry about being gazumped, things falling through because of an issue further down the chain or a seller pulling out – and you won’t have to take an estate agent’s word on the other bids.
  • You must have money ready to pay the deposit on the day and the remaining amount within the allotted time.

To find out more about your mortgage options please get in touch.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The importance of diversificationWhat’s your General Insurance start date?

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Oakwood Mortgage Services Ltd
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Sharon Price
Sharon Price
15:30 12 Aug 20
In these current times Stuart has assisted me with a temporary solution to my mortgage issues which went very smoothly. I will be working with Stuart again very soon to change mortgage product completely. Thank you Oak wood Mortgage Services
Ben Brown
Ben Brown
16:38 31 Jul 20
I would like to say a huge thank you to Oakwood Mortgage Services and in particular to Richard Burley who seems capable of working miracles, particularly when dealing with the complicated applications of a sportsman. Richard’s calm manner and problem solving have been brilliant over the years and allowed both Katie and I to stay relaxed and in control during stressful house buying moments, as well as helping us to navigate the the complex buy-to-let market! We owe a huge debt of gratitude to Richard and Oakwood mortgage services ahead of moving house next week, and I would highly recommend their services. In particular I would recommend them to other sports people who have previously struggled with mortgage companies based on our short contracts and the potentially volatile nature of our work. Thanks again Richard. Ben and Katie
Gwenie Ralph
Gwenie Ralph
20:57 06 Jul 20
I gave Stuart at Oakwood Mortgage services a challenge of finding me an impossible mortgage. I knew I wouldn't get exactly what I wanted, but he came up with some nice surprises. He explained everything, not pushy at all, a friendly and professional approach. Thank you
nicky Myers
nicky Myers
19:17 25 May 20
We were first time buyers and dealt with Richard around the mortgage application. He helped us understand each process, explaining everything thoroughly and came to meet us twice where he was very personal and efficient. Dave took us through the building and contents and life insurance process, again coming to meet us in person and took us through the options, step by step. Dave was very communicative and answered any questions we had.Emma was there throughout this process and on hand with any urgent queries we had and was a delight to deal with.They managed to make it all happen, even during lockdown!Highly recommend Richard, Dave, Emma and Oakwood. We are very happy in our new home!
Daniella Castro Gouveia
Daniella Castro Gouveia
11:31 19 May 20
I have worked with a number of the Oakwood team over many years and they are all excellent and totally professional at what they do. Dave came to our family home a few years ago to discuss and advise us in terms of financial insurance. He was very knowledgeable, really easy to talk to. Sometimes discussing financial things can be quite tricky to understand, but I felt at complete ease with Dave. I would highly recommend speaking to him if you need insurance or even need a mortgage as he covers both areas. Thanks for all your support Dave. It's always good to have someone who has your back!
Richard Craven
Richard Craven
19:12 03 May 19
Stuart was excellent, helped me obtain a mortgage quickly and painlessly with minimal effort and was always ready to promptly answer any questions I had.
Andrew South
Andrew South
17:50 26 Mar 19
Stuart was very profession and friendly, He was there to help when something went wrong.Highly recommend!!
Ian L
Ian L
13:45 03 Jan 19
When we started looking for a house, we contacted Stuart based on a work colleague's recommendation. Having not bought a house in the UK before, we had a lot of questions.Stuart guided us through the process and was always available to answers questions and provide advice that was easy to understand.We had a protracted period between initial contact and purchase, in this time Stuart was patient, professional and provided us with a high level of confidence that we were in capable hands.A huge thank you to Stuart and the staff at Oakwood, we would not hesitate to recommend them.Ian and Yoosun
Claire Vince
Claire Vince
22:13 21 Dec 18
Great service. Paul talked us through everything really clearly and made the whole process very smooth and straightforward. We have recommended Oakwood to friends as a result.
Christopher Relph
Christopher Relph
23:27 29 Aug 18
The team is very friendly, professional and knowledgeable on their given subject. My situation was rather unusual and my options were very limited, if i had tried on my own i wouldn't have found the best deal for me. The information provided to me was well presented and insightful, if anything was unclear they made sure that i understood things fully. In the end they found the best deal out there that ticked all the boxes i needed and went above and beyond. To make sure i wasn't put into a position i couldn't afford to be in Stuart would go to an agent and tell them when things weren't possible, even when they were insistent on getting a deal, Stuart had my back in it!I can't recommend them enough, and will be returning to them down the line myself!
Sam Eccles
Sam Eccles
15:35 24 Jul 18
Top notch service. Friendly, prompt and accessible no matter where you are based (I'm in the Highlands). Much better service than that experienced by local face-to-face advisers with a large portfolio of companies that ensure you can get the mortgage to suit your needs. Have happily referred to others in less than usual circumstances, all of whom have come away delighted
Michelle Ames
Michelle Ames
18:20 07 Jul 18
Highly recommend. We were first time buyers and Stuart made the process simple and efficient. We found our property and made an offer on the spot, but the agents needed to speak to Stuart before stopping further viewings, so he dropped everything whilst at a conference and the rest is history. Buying a house is an emotional time, so having the mortgage element handled by a professional, yet down to earth person like Stuart was invaluable to us. Thanks Stuart.
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