Yes, you can use Foxtons Auctions if you are a mortgage holder. This is great news for anyone who wants to purchase residential property through Foxtons Auctions, and also for sellers who want a wider pool of applicants without slowing down the process.
Learn more about online property auctions
In the rapidly changing world of estate agency, Foxtons hybrid property auctions have become a popular platform for our buyers and sellers looking to move fast.
These are different from your typical London auction house sale, frequented by professionals – although experienced investors enjoy our platform too. But our hybrid auctions have a huge benefit for the average homebuyer, seller and investing landlord just starting to expand their portfolio.
Importantly, unlike traditional auctions, you do not need to be a cash buyer to participate.
Hybrid auctions open doors
Say you’re a first-time buyer. You want the kind of square footage for your growing family that the London property market is really competitive over. You’re looking at London property auctions for a 'fixer upper,' but not a genuinely distressed property that requires thousands of pounds in renovations.
Rather, something a little worn and outdated, but much more forgiving on your income and with that magic word, potential. For someone like you whose got a parent’s shed full of power tools, the sheer motivation and a feature-length movie’s worth of saved DIY videos on Instagram, this feels like the right path.
Prepare for property auctions
Browse Foxtons auction property London
Hybrid online auctions are totally transparent. You will be able to see who’s bidding and what they are bidding, and all bidders submit a portion of the deposit and a buyer fee – so everyone involved is assured every bid is genuine.
This also means you will need proof of funds to participate. For mortgage buying, this is a written agreement with a mortgage lender that they will provide the loan if you are successful.
Get in touch with Alexander Hall, our partner mortgage broker, to organise your agreement in principle for property auctions London.
Why use auctions as a mortgage buyer?
Foxtons Auctions are not just about distressed homes. Some of these auction properties are positively dreamy – large family homes in Surrey and luxury flats in Central London. So even if you aren’t looking to fix something up, you can use Foxtons Auctions to transact quickly. You’ll receive an auction pack beforehand with every possible source of information you need to proceed.
So then, if you’ve been working on a mortgage in your current home but want to switch to a new catchment area before term begins, or if you’re planning on buying to let and you want to hit the 2024 summer rush, this faster transaction will get you ready in time.
Read more about Foxtons Auctions: Foxtons Auctions: your sale (or purchase), faster.