Certainty of funds before you raise your paddle

• Buying a lot at a traditional (unconditional) auction with a 28-day hard completion deadline
• Buying via a modern method of auction (conditional) sale with its own set completion window
• Securing a property that needs work and won't qualify for mainstream mortgage finance as it stands
• Competing against cash buyers by having certainty of funds agreed before the sale
• Funding a purchase where you plan to refurbish and refinance, or refurbish and sell, shortly after completion

Lot needs work once you own it? See refurbishment finance for how we structure funding for the works.

• •A realistic, evidenced view of the property's value — don't rely on the guide price alone
• •Funds (deposit and legal costs) ready to move the moment you win the lot
• •A solicitor briefed and available to act at short notice
• •A clear plan for the property post-completion, particularly if it needs work
• •Buffer in your timeline: auction legal packs and searches can surface issues that need resolving fast

1. 01

   Before you bid

   Get an Agreement in Principle in place so you have certainty of funds and a realistic view of terms before the sale.

2. 02

   Win the lot

   Pay your deposit and exchange contracts — the completion clock (usually 20–28 days) starts here.

3. 03

   Valuation instructed immediately

   We get the valuer moving the same day, because this is usually the step most likely to eat into your timeline.

4. 04

   Legals race the clock

   We chase both sets of solicitors daily — auction deadlines don't move, so the legal work has to.

5. 05

   Completion

   Funds are released and the purchase completes on time, protecting your deposit and the deal.

What happens if I don't complete an auction purchase in time?+

Under most auction terms, missing the completion deadline can mean losing your deposit (commonly 10%) and potentially being liable for the seller's costs if the property is resold at a loss. This is exactly why lining up funding before you bid matters so much.

Can I get funding agreed before I've even won the lot?+

Yes — and we'd strongly recommend it. An Agreement in Principle based on the property details and guide price means you're bidding with a realistic, pre-assessed view of what you can raise, rather than finding out after you've exchanged.

Is 28 days really enough time to complete?+

It's tight but very achievable when everyone — valuer, both solicitors and the lender — is briefed and moving from day one. The deals that run into trouble are usually the ones where funding wasn't arranged until after the auction.

What's the difference between traditional and modern method of auction?+

Traditional (unconditional) auction sales typically require completion around 28 days after exchange, which happens on the day of the auction. Modern method (conditional) auctions usually give a longer window — often 56 days — with a reservation fee paid upfront. Either way, the deadline is fixed and firm.

Can auction finance be used for a property that needs refurbishment?+

Yes — many auction lots need work, which is often why they're at auction in the first place. We can structure completion funding now and talk through refurbishment finance for the works, or a combined facility depending on the deal.

Get Backing arranges finance secured on investment and development property for business purposes only. This is not a regulated mortgage contract. Rates, terms and fees are subject to status, lender criteria and independent valuation, and are not guaranteed. Security may be required over property and other assets, and property used as security may be at risk if repayments or the agreed exit are not met.