We Can Arrange Fast Secured Loans for Your Auction Finance

Melinda (Milli) Haine Melinda (Milli) Haine | Loan Underwriter

There is an auction coming up that you really want to attend. But really, what's the point in going if you don't have the money to purchase what you want? Fortunately, fast secured loans obtained using the equity in your home are an excellent way to finance auction purchases.

Depending on the type of auction you are talking about, you can get a lot for your money by using a secured loan. You could essentially have tens of thousands of pounds in your pocket to purchase antiques, a car, a repossessed home or whatever you are interested in. Moreover, if your auction purchases will be resold at a profit, you can use a secured loan to finance the start-up of a business that routinely buys at auction and resells at higher prices.

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How it Works

Using a secured loan as auction finance is fairly straightforward. You determine how much equity you have by comparing what you owe on your mortgage to how much your home is worth on the retail market. That difference is your equity. Then you compare lenders side-by-side. Your comparison will include:

  • loan-to-value (LTV) ratio
  • maximum borrowing amounts
  • repayment terms
  • representative APRs.

Once you settle on the best loan offer, you apply and work your way through the approval process. Some of the fastest loans can get you the cash you need in a matter of a few hours. Most do not take more than a couple of days. With the cash in hand, you can go to the auction with complete confidence that you will be able to bid competitively.

The only potential problem here is not having enough equity in your home to generate the kind of financing you are hoping for. Let's say you want to bid on a repossessed property for purposes of becoming a landlord. You will need at least a 25% deposit in order to secure the home you purchase. That means the equity in your current property needs to be worth at least that amount. If not, you could not risk bidding on a property and becoming legally bound to it.

Getting Fast Approval

Numerous lenders in the UK advertise fast secured loans to homeowners in need. However, just what does this mean? It depends on the lender. Some define a fast loan as one in which preliminary approval is given in a matter of minutes. However, the consumer must still go through a verification process that can take anywhere from a few hours to several days. Other lenders apply the term 'fast' to describe the entire process from start to finish.

There is no real way to know without comparing lenders. At Secured Loan Expert, comparing lenders to find the best options for your needs is one of the things we help you do. We provide the most important information you need to determine which lenders to pursue for your secured loan and when you are ready to proceed present your application to the lender in the best light to ensure the maximum chance of a positive outcome.

Getting fast approval really comes down to two things: the value of your home and your credit score and history. Lenders will use current property values in your local area when preparing a preliminary decision. During the verification process, they may send an appraiser to examine your home or use other criteria that do not require a personal visit. As for your credit history and score, lenders can check that in just a few minutes.

Provided everything is in order and you are good credit risk, you should never have to wait more than a day or so to receive you’re financing. Blemishes to your credit history could slow down the approval process while the lender investigates further.

A secured loan with fast approval is one way to finance auction purchases, for either personal or investment purposes. Be sure to compare lenders and their loans carefully before making a decision. A proper comparison will note that there are significant differences between the dozens of lenders offering fast secured loans in the UK.

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