(NB Feel free to add in the comments section if anything is left out or if there are any hints' tricks or other tips please)

"You ideally need to have the funds in place before you go to an auction. Have your own cash (you need at least 10% of the final price that you have to pay on the day and you need to bring proof that you have that before you can get a number to bid at auction) or have a mortgage agreement in principle (AIP) agreed in advance. (See below)

That might seem obvious, but what's not so obvious is that going to an auction should ideally be part of your strategy after you have built up a decent portfolio of property and not before. In other words, an auction is better suited for someone with plenty of property experience.

The reason why is that an auction venue is buzzing with emotions and emotions mean that people can make bad decisions; most auctioneers know that this emotion can lead to higher prices or bidding wars.

Only go to an auction if you have arranged finances in advance and:

1. You know your property strategy (BTL, HMO, Flips)
2. You own existing properties - at least 3 would be a good rule of thumb
3. You have purchased a distressed property and renovated it successfully in the past
4. The property you are looking for (in the location you are looking at) is in the auction property guide
5. You have read the legal pack on the properties you are interested in
6. You have done a desktop appraisal of the property and agreed on the max price you would pay
7. You have factored in the auctioneers costs, vat, stamp duty, fees etc to come to the max price
8. You have enough cash to cover the 10% plus fees required on the day
9. You can bring an unemotional/logical "friend" with you if you think you might get carried away!
10 If you're successful you will need to insure the property right away

In terms of submitting an application for finance, you would ideally need a JV partner with cash for auction purchases. Most investors would only provide finance for auction purchases if you have a successful track record of buying at auction and selling profitably.

One way to do this would be to use your own cash to buy, refurb and sell on at least 3 small properties and keep the paperwork as evidence.