Using a mortgage to buy land at auction

[Cora]

Hi there,

 

I'm new to self-building and I'm looking at getting a mortgage to cover the land and self build. Has anyone had any experience of buying land or a property at auction using a mortgage? Did you need a bridging loan as well? Do you have any tips?

 

Any advice welcome.

 

Thanks

 

Cora 

 

 

 

 

 

 

 

 

[Bitpipe]

This link has some advice, https://www.gocompare.com/mortgages/buying-at-auctions/

 

 

 

 

[Cora]

Thanks Bitpipe. Trying to find decent land that isn't going to auction seems almost impossible!

[markc]

5 minutes ago, Cora said:

Thanks Bitpipe. Trying to find decent land that isn't going to auction seems almost impossible!

Even at auction it is fetching stupid money, the online auctions have made it too easy to sell at over market value. Like EBay, people get into bidding frenzy and pay way over value for a lot of stuff

[Marvin]

1 hour ago, markc said:

Even at auction it is fetching stupid money, the online auctions have made it too easy to sell at over market value. Like EBay, people get into bidding frenzy and pay way over value for a lot of stuff

Last time I saw silly prices was in about 2004. One terrace two up two down house which was completely derelict, with not even any plaster on the walls and the rear 2 story extension a good 4 inches away from the rest, sold at auction for the same price as the terrace 9 further along which had been completely done up and was for sale.

I knew what that meant then, and I do now. 

 

M