Modern Method of Auction and Bad Credit Mortgages
The Modern Method of Auction or MMoA is a property buying method where a property is sold online with a 28-day deadline to exchange contracts and typically 56 days to complete. Unlike traditional auction where you need funds within 28 days the MMoA gives buyers more time but still requires speed that standard mortgage processes cannot always match.
For bad credit buyers MMoA properties present an additional challenge. Getting a specialist adverse credit mortgage approved within the tight timeframe requires expert broker intervention from day one.
Darryl Dhoffer — The Mortgage Geezer
20+ years in mortgages. Award-winning specialist. Featured in the Daily Express, FT Adviser, The Intermediary and Daily Mirror. I have helped hundreds of people across the UK who were told no by their bank — and I work with 65+ lenders including specialist adverse credit lenders you will not find on comparison sites.
When you contact me, you speak to me directly. No call centres. No being passed around. I personally review every case and respond within 2 hours.
CeMAPCeRERFCA 301173AWARD WINNINGINDEPENDENTWHOLE OF MARKET
Frequently Asked Questions
Can I buy a modern method of auction property with bad credit? ›
Yes but you need to move fast and work with a specialist broker from the moment you identify a property. Darryl Dhoffer can initiate the mortgage process immediately and will identify the specialist lender most likely to approve your application and meet the auction deadline.
How quickly can a bad credit mortgage be arranged for auction? ›
In straightforward cases a specialist adverse credit mortgage can be arranged within 3-4 weeks. More complex cases may take 6-8 weeks. This is why engaging Darryl immediately when you identify a property is essential. He will give you a realistic timeline before you commit to the auction.
What happens if I cannot complete the mortgage in time for auction? ›
If you cannot complete within the MMoA timeframe you typically lose your reservation fee which can be 3-5% of the purchase price. Bridging finance is an option to complete on time and then refinance onto a mortgage once approved. Darryl will advise on whether bridging is a viable safety net for your situation.
Do I need to have a mortgage agreed before bidding at MMoA? ›
Getting at least a decision in principle before bidding is strongly recommended. Darryl can arrange a soft search MIP quickly that does not affect your credit file and gives you confidence in your budget before bidding.
Are MMoA properties cheaper with bad credit? ›
MMoA properties can represent good value as they attract fewer buyers due to the auction format and deposit requirements. For bad credit buyers the reduced competition compared to open market properties can be an advantage. Darryl will advise on the full costs including auction fees before you commit.
Get Your Free Assessment Today
No credit search. No obligation. Darryl personally reviews every enquiry and responds within 2 hours.
01234 237321
contact@themortgagegeezer.co.uk
FCA No. 301173
47 Five-Star Reviews
The Mortgage Geezer is a trading style of Access Financial Services Limited, authorised and regulated by the FCA No. 301173. Your home may be repossessed if you do not keep up repayments on a mortgage.
Back to The Mortgage Geezer
Lender criteria, rates and deposit requirements quoted on this page are indicative and subject to change without notice. Individual circumstances vary. This page provides general information only and does not constitute regulated financial advice. Darryl Dhoffer is authorised and regulated by the Financial Conduct Authority — FCA No. 301173. Access Financial Services Ltd, registered in England No. 04427489. Your home may be repossessed if you do not keep up repayments on your mortgage.
