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Mortgage for Landlords Buying at Auction

Wednesday, September 14, 2011 Posted in: Property Market

Lancashire Mortgage Corporation has launched a new product and revised criteria, designed to help people buying property at auction.

The new ‘pre-approved auction purchase product’ provides a pre-agreed level of funding against a particular property and means customers can bid with confidence, knowing funding is in place.

It also includes an auction purchase valuation bypass, meaning no valuation is needed for properties under £150k. 

Gary Bailey, director at Lancashire Mortgage Corporation, said: “The auction markets are particularly active with buy-to-let purchases being dominant, so this new plan is ideal for property investors who require reassurance that the funds are in place.

“This is a service Lancashire Mortgage Corporation has provided for some 20 years, but we feel the time and demand is right for both brokers and consumers to have countrywide access to this service.”

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