@Tenderloin If we win the auction it's 10% deposit on the spot. With this particular property, we then have 30 days to get the mortgage and complete. If we fail to do so we lose the deposit and are responsible for any relisting fees. Our current situation means our borrowing is minimal (possibly sub £50k depending on the selling price) so we're confident that the mortgage won't be a problem.
@tbc There is one in particular. Our limit is based on the results on a survey we've had done along with the costs needed to completely refurbish it.
Even if we don't win it will be good to see how the guide price relates to the actual selling price.