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Property Auction Finance Case Study
In October 2021, a couple living in Singapore, but originally from Southend-On-Sea wanted to enter the Buy to Let Market. As first-time buyers, they approached Liquid Expat Mortgages for assistance in taking their initial steps onto the property ladder. Their goal was to purchase a home for refurbishment which had come up at an auction in their home town. The property was a two-bedroom terraced house with a suggested price of £185,000. It needed compete refurbishment.
Working on behalf of the borrowers, we arranged for an independent RICS survey, and subsequently, a gross loan offer of £125,000 was made to the couple and they successfully secured the property at auction for £155,000.
To finance the purchase, the couple borrowed money from family members. To assist their renovation project seven months’ interest was deducted from the gross loan advance. This meant that the couple did not have to pay any interest for the first seven months of their loan, allowing them to allocate more funds towards the renovation work. Over the following seven months, the couple instructed contractors to renovate the property. Upon completion of the renovation, a 25-year BTL mortgage was obtained, and the property was valued at £229,000.
This is just one of the ways Liquid Expat Mortgages has supported UK expats in achieving their property ownership dreams, offering tailored financing solutions to suit their unique circumstances.
Property Auction Finance Solutions
Liquid Expat Mortgages is here to provide you with efficient and flexible Property Auction Finance solutions tailored to your needs. Contact us now to explore your options for bridging loans and secure your auction purchase with confidence.
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