Accepting a Bid
Once your auction closes you have until 9am the next day to decide whether to accept a bid. Remember that you can view the full details of a bid by clicking anywhere in the line summarising that bid on your My Auctions page.
To accept a bid, go to your My Auctions page, click on the bid that you want to accept and then click on the ACCEPT button. Please note that clicking to ACCEPT a bid does not mean that you are committed to taking that loan.
After you click ACCEPT, you will receive an email with details of the identity of the lender, a list of the supporting documentation that you will need to provide and the timeframe in which the lender will contact you.
The winning lender will then get in touch with you to confirm the details of your loan and discuss the next steps.
You are only committed to taking the loan when you sign the loan agreement prepared by the lender. This protects you from having to finally commit to the loan before you are completely happy with all the terms. You'll have the chance to talk to your advisers and the winning lender to clarify anything that you're unsure of and to satisfy yourself that the terms you've chosen will meet your requirements.
For your protection, lenders are required to comply with the Credit Contracts and Consumer Finance Act, including making full written disclosure to you of all terms of the loan. They will do this as part of the process of finalising the paperwork.
