PROPERTY finance lender, Auction Finance Limited, has increased its Loan to Value (LTV) rate by 10% thanks to a booming auction market.

Auction Finance is now offering up to 80% LTV for auction purchases up to £150,000 after auction houses across the UK reported a four per cent increase in the numbers of lots being sold.

This growing appetite for residential investment, semi-commercial, commercial or land in the auction room has led to Auction Finance launching its highest ever LTV rate.

Scott Hendry, director of Auction Finance, said: “Previously our highest LTV rate was 70%, but to keep on track with the rising lot value we wanted to offer a new LTV to auction buyers to help them secure the investment properties they require to expand their property portfolios.

“As a principal lender with our own substantial funding, we’re proud to be able to improve our offering and pass on the benefits to these investors.”

Auction Finance’s 80% LTV is available for ‘in the room’ auction direct purchases and on 12 months terms only. Rates available on request.

Martin Cunningham, Head of UK Sales for Auction House, the UK’s No.1 residential property auctioneers said, “This is a positive and welcomed step being made by Auction Finance as it will allow more buyers to fund purchasers, in particular buy-to-let investors for whom it will make acquisition of properties by auction more possible”.

For more information on Auction Finance, call 0161 333 1972 or visit: www.auctionfinance.co.uk