Bidding at auction w/o mortgage approval
Myself and my wife viewed a property today which is going for auction this Friday. After some rapid but careful consideration we have come to the conclusion that we would like to bid for this property.
No experience of auction room
We have not yet viewed the Contract for Sale
Have owned previous property which we sold and now currently rent
Lump sum in the bank so mortgage would be twice our combined salary
We have spoken to our bank and have been told that a mortgage in our circumstances would not be an issue.
We do not yet have mortgage approval though
I have just changed jobs from contract to permanent 1 month ago. No mention of probation period in my contract.
Have the 10% ready to go on the day
Have not had a chance to arrange an engineer's report. The house is built in the last decade so all in all it looks sound. We thought that if other people bid on the day then they would have done the engineering checks.
House is in a good location.
Would hold resale value (within reason)
Good rental yield also (if required)