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The issue is the LTV.
Example:
Market value (valuation): £500k
Deposit: £50k
LTV: 10%If the bidding war ends at £550k, the bank will still only offer you £450k. If they lent you £500k, the LTV would be 100% as the valuation would still be £500k.
They wouldn't do that.
The only way it could work is if you had a very high LTV already (eg 40%) and you could raise the additional capital by changing the LTV to 20%.
Soul
@Cupcakes
I'm probably making a hash of this question :/