Can you buy a house at auction with a mortgage?

Buying a property at an auction is simple and fast.

Once the auctioneer’s hammer falls you have legally exchanged contracts and are committed to buying. You usually have up to 28 days after the auction date to complete the purchase of the property, although sometimes it can be 7 days.

So yes you can use a mortgage but it’s just not practical to rely on a conventional mortgage application to be ready when you need it. But luckily bridging lenders are used to moving fast and so these types of loan are often preferred for auction property purchases.

The 28 day period allows ample time for an auction bridging loan but too long for most standard mortgage lenders.

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