- Standard completion deadline
- 28 days from exchange
- Deposit due on the day
- Typically 10%
- Ideal preparation window
- 1-2 weeks before the auction
- Typical finance type used
- Bridging finance
Before the auction: get an agreement in principle
Reviewing the legal pack and getting indicative terms before bidding — not after winning the lot — is the single biggest factor in hitting the deadline. It also tells you the maximum realistic bid once finance costs are accounted for.
Day 0-1: instruct the lender
As soon as the hammer falls, the legal pack goes to the chosen lender and the formal application starts. Solicitors are instructed on both sides simultaneously rather than waiting for finance to be fully underwritten first.
- Legal pack reviewed against lender criteria
- AML and ID documents submitted immediately
- Valuation booked same week
Week 1-2: valuation and underwriting
The valuer is usually the pinch point — booking a slot promptly is essential since desktop or physical inspections can be delayed if left until week two. Underwriting typically runs alongside valuation rather than waiting for the report to land.
Week 3-4: legal completion
Once the valuation and underwriting are both satisfactory, the lender issues a formal offer, solicitors exchange final documents, and funds are released for completion — ideally with a few days' buffer before the contractual deadline, not on the final day itself.
Frequently asked
Can I really complete a purchase in 28 days with bridging finance?
Yes, this is routine for bridging lenders, but it requires the lender to be instructed on day one and the valuation booked immediately — delays in either usually come from the buyer's side, not the lender's.
What happens if I can't complete in time?
You risk losing your deposit and potentially being liable for the seller's resale losses under auction contract terms, which is why pre-auction preparation matters so much.
Should I get finance agreed before I bid?
Strongly advisable — an agreement in principle based on the legal pack tells you your realistic maximum bid and avoids winning a lot you can't finance.
Can I use a standard mortgage for an auction purchase?
Rarely within the 28-day window, since mainstream mortgage underwriting typically takes six weeks or more, which is why bridging finance is the default choice for auction buyers.
What if the valuation is lower than my winning bid?
The loan is sized against the valuation, not the bid price, so a downvalue may mean finding additional deposit at short notice — factoring in a margin before bidding reduces this risk.
Bidding at auction soon?
Send us the legal pack before the auction and we'll confirm realistic bridging terms so you know your ceiling before you bid.
Related reading
Situations this applies to
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