Winning a lot at a Scottish property auction commits you there and then. You pay a deposit on the day and must complete in about 28 days, whether or not your finance is in place. The risk is not losing the bidding. It is winning with nothing lined up behind you.
Bid-ready means you walk in knowing whether the lot can be financed, roughly how much you can borrow and how much cash you need. An indicative view within one working day. Where you want lender terms in principle before you bid, we target 48 hours.
Two minutes is enough. The lot, the date and your numbers let us give you an indicative view within one working day, with no credit check.
Send the lot at least five working days before the auction. Later than that, we will still try, but we will tell you straight away if there is not enough time.
We can put the indicative terms in writing, so you know your numbers before the auction.
The lot link or lot number and the auction date, the guide price and your maximum bid, who is buying (you personally or a limited company), the cash you have available, and your plan for the property. If you have them, add the legal pack link and any estimate for works. The lender's solicitor will need the legal pack, and you should have your own solicitor read it before you bid.
Some lots are at auction because a term lender would turn them down, and a few cannot be financed at all. Our auction finance page sets out the lots a term lender will not touch and when a bridge can still work. If yours looks like one, send it anyway: a quick no before the auction costs you nothing.
You pay us no fee. We are paid a commission by the lender when your finance completes, and we tell you the figure in writing before you commit. If you do not win the lot, you owe us nothing.
Indicative only. Terms in principle are not a loan offer. Property given as security may be repossessed if the loan is not repaid, and most lenders ask directors for personal guarantees.
No. The indicative view is our honest read of the lot, and terms in principle are a lender's outline terms, not a loan offer. The offer comes after the lender's valuation, its legal checks and its underwriting. What terms in principle give you is the shape of the finance before you bid, and we will tell you what could still change it.
Send the lot at least five working days before the auction. Later than that, we will still try, but we will tell you straight away if there is not enough time.
Yes, but fewer lenders lend on remote and island property, the valuation can take longer to arrange and the loan to value is often lower. Send it early. If finance looks unlikely, we will tell you quickly, so you can decide before the auction rather than after it.
That is fine, and common. The company signs the auction contract and takes the loan, and most lenders ask the directors for personal guarantees. If you are not sure yet which way you will buy, say so on the form: it can change the cash you need.
The lot, the date and your numbers. One working day to an honest view on whether it can be financed.