Speak to one of our mortgage brokers today for expert advice. For a no-obligation consultation call:
Financing an Auction Purchase
Understanding Your Options
Worried about securing finance in time? You’re not alone - many buyers are unsure whether auction purchases are within reach. At Pattinson, our experienced mortgage brokers and financial partners make the process easier:
How We Can Help
- Pre-Auction GuidanceGet help understanding your budget and eligibility before you bid.
- Fast, Reliable LendingWe work with lenders who understand auction timeframes and can act quickly.
- Support from Start to FinishFrom your initial enquiry to funds being released, we’re here to guide you.
Common Auction Finance Options
- Bridging LoansShort-term finance designed for fast completions, often used for properties needing renovation or where a mortgage isn't suitable.
- Buy-to-Let MortgagesIdeal for investment properties you plan to let out. These can often be arranged quickly if you’re prepared.
- Standard Residential MortgagesSome auction properties are eligible for traditional mortgages. We’ll help you check eligibility early on.
Checklist: Get Auction Finance Ready
- Speak to a mortgage broker early — even before choosing a property
- Get an Agreement in Principle (AIP) where possible
- Consider bridging finance for more flexibility
- Review the legal pack to understand the property’s condition and mortgage eligibility
- Have your deposit ready (usually 10%) for auction day
- Talk to our team for personalised support and lender recommendations
Let’s Get Started
Speak to one of our mortgage brokers today for expert advice. For a no-obligation consultation call:
0191 737 1239
or
FAQs: Auction Finance
No — you can use a mortgage or bridging loan, but it’s important to have finance arranged in principle before bidding.
Bridging finance is a short-term loan that helps you complete your purchase quickly. It’s commonly used for auction properties that need renovation or don’t qualify for a standard mortgage.
You’ll need to pay a 10% deposit on the day and the remaining balance (usually) within 28 days.
Yes, but not all properties are mortgageable. At Pattinson, we can help you check this and connect you with lenders who specialise in auction transactions and timelines.
Some options, like bridging loans, may come with higher interest rates. However, for the right buyer and property, they can be a valuable tool. Our team can help you compare all the costs.