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Pretty sure the property is mortgageable, I'm just checking with our existing mortgage provider now. But we still may need a bridging loan as our current house may not be completed by the date of the auction.
The thought of bidding for a house on an online auction is giving me the heebies though
Lebowski-
I bet, I think for bridging loans and auctions you have to make an application to bid on each house, (if there's more than one in the auction you like)? Depends on the auction type, some online ones are still run as a 'traditional auction' where you have to pay up within 28 days, the 'modern auction' gives you 58 IIRC.
Guide prices are usually low as well to get people into bid. Worth checking out area for any contamination risks because winning the auction isn't subject to surveys ie contracts exchanged day of auction.
Kurai
Property mortgageable? Type of auction? Mortgage or bridging loan? My purchase isn't through auction, but the property isn't mortgageable because of location of bath, so having to get bridging loan so costing me nearly 6k in interest for something that would cost 2k to rectify...
Check all the extra fees as well.