Can You Buy at Auction with a Mortgage?

Yes, it’s possible—but it takes planning. Buying at auction with a mortgage is achievable if you follow the right steps and act early.

Here’s what you need to know:

• Choose the right property: The property must be mortgageable, typically meaning it’s in good condition and doesn’t require major repairs.

• Sort your mortgage early: You’ll need a mortgage offer in place before the auction. That means working with a financial adviser and a lender who can move quickly.

• Have your offer ready: Once the hammer falls, contracts are exchanged. You need your funding lined up to meet the 28-day completion deadline.

• Consider auction finance: If timing is tight, short-term auction finance (also called bridging finance) can help. It’s quicker but usually comes with higher costs.

Takeaway: Yes, you can buy with a mortgage—but don’t bid unless your funds are ready. Speak to a mortgage broker early and be prepared to move fast.