When buying at auction, several mortgage-related costs can arise.
You’ll need to cover valuation fees for a professional valuation of the property, and survey fees for detailed property inspections.
Lenders may charge arrangement fees, which can vary significantly. Solicitor fees will cover the legal aspects of the mortgage and property purchase.
Auction properties might attract higher interest rates, especially if perceived as higher risk, and using a mortgage broker may incur additional fees for their services.