Royal Bank mortgages are available to over 18s. Your home or property may be repossessed if you do not keep up repayments on your mortgage. The content on this page is guidance only and does not constitute advice.
How does the process work?
Once you've decided on the area you want to buy in, contact some local auction houses who can send you a catalogue.
There's normally only a few weeks between the catalogue being produced and the auction being held, so you might want to visit properties you're interested in within this time.
It's also a good idea to get an Agreement in Principle before the auction to prepare for the quick turnaround time. But you'll also need to know the maximum that you could bid to ensure the process goes smoothly.
Pros and cons of buying at auction
Quicker than the standard homebuying process
- Buying at auction tends to be quicker than the traditional homebuying process
- It could also reduce the number of costs involved such as estate agents fees
- It can be a good way to find a special property as it's a great way to pick up a house whose potential may have been overlooked.
At the end of the auction the sale is final
- As soon as the hammer goes down, the sale is final and you need to be prepared to move quickly
- You'll usually have to pay 10% straight away and the remaining 90% soon after
- It's a good idea to spend time and money checking out the property before the auction, but this does carry the risk of wasting both if your bid isn't successful.
Other home buying costs
While buying at auction means no estate agents' fees, there are other costs you'll have to budget for such as Land and Buildings Transaction Tax, legal fees and removals.
You can read our handy guide to make sure you've considered all the different costs.
Ready to take the next step?
Get set with an Agreement in Principle
If you're successful at auction you'll need to complete the sale quickly, so get an idea of what we could lend you and you're one step closer.
Find a mortgage
Check out our mortgage options to see what might work for you before you head to the auction. Remember you'll also need to pay for any work that needs to be done to the property.