Lancashire Mortgage Corporation launches auction product

Lancashire Mortgage Corporation has launched a new pre-approved auction purchase product.

It includes an auction purchase valuation bypass meaning no valuation is needed for properties less than £150,000.

Gary Bailey, director at Lancashire Mortgage Corporation, says: “In response to broker feedback, we’ve revised commercial term loan and bridging finance plans to simplify selection and provide greater guidance for acceptability.

“In addition, Lancashire Mortgage Corporation has taken this opportunity to launch new products that further extend the portfolio of broker’s offerings. The ‘Pre-approved Auction Purchase’ plan provides the broker with a pre-agreed level of funding against a particular property for their customer, this allows the customer bid with confidence at the auction knowing that the funding is in place on the pre-agreed terms.”