‘Beat the mortgage rate jumps’ auction house tells buyers
Stuart Collar-Brown of My Auction tells buyers they can use mortgage offers before they expire with speedy auction sales.
Buyers can beat the mortgage rate hikes by purchasing a property ‘under the hammer’, an auction house has claimed.
My Auction says with deals completed in under 28 days, a buyer can use an existing mortgage offer as finance before it expires.
The speed to sale through property auction is far quicker than going through a traditional private treaty sale route, it explains.
Stuart Collar-Brown, its co-founder and director, (main picture) says: “Buying through auction is a far quicker and a more certain process without the worry of chains falling through, hold-ups from solicitors and buyers changing their minds.
“With the cost-of-living crisis and interest rate increases, we’re seeing high demand for homes and people don’t want to mess about, particularly if they have a mortgage offer close to expiring.
“These buyers have worked hard to save for deposits and don’t want to be priced out by increasing mortgage payments should they be forced to apply again,” he says.
In by Xmas
The speed of auction transactions also appeals to buyers who want to be in by Christmas, or are looking to move soon to ensure catchment of certain schools before applications have to be completed.
Many banks and building societies increased mortgage rates after the recent Mini-budget caused chaos in the markets.
Over three quarters of the firm’s sales have been referred to them via estate agents who still earn their full fee.
Established three years ago, it offers agents the ability to do their usual marketing and viewings for four weeks prior to auction while the company carries out specific auction marketing before facilitating the whole sale.
