If you are buying a property at an auction, you don’t have to pay it all in full on the day. You are only required to pay a deposit of 10%, you then need to pay the rest within 28 days although this can be slightly different depending on the auction house you purchase the property from.
There are a variety of properties that can be bought at auctions, including a plot of land, HMO (house of multiple occupancies), MUFB (multi-unit freehold blocks), semi-commercial properties, and normal residential properties such as family homes.
Bridging loans are great for this specific type of property purchase. Bridging loans are quick, and you may find a property at auction that would be a great opportunity but do not have the cash available to buy it in full. Many people rely on bridging loans to get these kinds of purchases over the line.
Second charge mortgages
Bridging loans
Development finance
Complex buy-to-let
Commercial mortgages