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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.