At the auction itself, you may have to pay an administration charge to the auction house, and something called a 'buyer's premium'. All of this should be outlined in the auction catalogue so you know before you bid.
In terms of our 12-month auction finance, we charge an Arrangement Fee, and – depending on the loan you take – you may have to pay an Exit Fee if you repay the loan before the end of the term.
We charge a Redemption Administration Fee when you 'redeem' (i.e. fully repay) your loan, to cover costs associated with closing your account and dispensing our legal claim to your property.
There may also be Legal fees, although we charge no Legal fees in many instances where you're buying residential property at auction.
All of these fees can vary, so we'll ensure that the fees that apply to your particular loan are clearly explained before you sign on the dotted line.
Other fees and charges may be applied to your account during the life of your loan, in relation to the management of your account (for instance, if you fall behind on your monthly payments). These are all explained in our Tariff of Charges.