Before the auction
- Get a decision in principle with a maximum loan
- Read the legal pack with your solicitor
- Budget for buyer's premium and fees
- Plan your exit: sale or refinance
On the day
You will usually pay a 10% deposit when the hammer falls and exchange contracts immediately.
After the auction
The lender instructs valuation and legal work. Completion is normally due within 28 days.
After completion
Carry out any works, then sell or refinance onto a mortgage to repay the bridge.
Common questions
What deposit do I need?
The auction deposit is typically 10%, plus enough equity to cover the difference between the loan and purchase price.
Can I buy unmortgageable property?
Yes, bridging is designed for property that needs work before a mortgage is possible.
This guide is general information, not personal financial advice. If you are worried about debt, free help is available from MoneyHelper, StepChange and Citizens Advice.
Try it: Bridging Loan Calculator