A wholly owned subsidiary of Lloyds Banking Group, Halifax was officially founded in the year 1852. One of the first true ‘building societies’ to open its doors in the UK, Halifax was established to help address the country’s severe housing shortage. Halifax now forms part of the Lloyds Banking Group, which employs more than 75,000 people, has over 30 million customers and is the UK’s leading provider of current accounts, savings, personal loans, credit cards and mortgages.
Buying a property at auction can be a great way of securing an unbeatable deal. Properties often go under the hammer at auctions for significantly less than their market value. Nevertheless, securing the funds you need to pay for a property sold by way of auction can be tricky.
While Halifax provides helpful information regarding the advantages and disadvantages of buying properties at auction, they don’t currently offer any specialist auction finance products. The only services available for property investments are the bank’s standard residential and commercial mortgages. The problem is that when looking to buy a property at auction, the traditional mortgage option simply isn’t viable.
In order to purchase a property at auction, a deposit of 10% needs to be paid immediately. After which, the outstanding balance must be paid within a few days. Mortgage products from Halifax are available with no specific upper-limit, but the application process typically takes weeks to complete. Hence, this is not a viable financial solution for those looking to buy a property at auction.
If time isn’t an issue, traditional mortgage products may be suitable. When the funds you need are required urgently, it’s better to consider specialist auction finance. Here at Donkey Finance, we work closely with an extensive network of lenders across the UK. Along with major names like Halifax, we also source loans from the market’s best independent service providers. This enables us to locate and secure the ideal loan product for every client, in accordance with their requirements and current financial situation.
Rather than comparing the market manually, why not let Donkey Finance do the work on your behalf? If considering buying a property at auction, we’d be delighted to hear from you. We’ll compare the very best deals from leading lenders across the UK, providing access to exclusive auction finance products you won’t find elsewhere.
We also work hard to minimise all attached borrowing costs, eliminating unnecessary fees and charges where possible. Whether you’re buying a home or simply looking to expand your property portfolio, the Donkey Finance team is standing by to help.
Call today to discuss our auction finance services in more detail.
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