Types of loans

Auction Finance

Completion in days, not weeks
South West, South Coast England and South Wales
  • 48 hours

    decision time

  • 3 to 36 mths

    loan period

  • £100K to £5m

    borrow amount

  • From 0.75%

    monthly interest

  • Up to 70%

    loan to value

  • 1%

    commitment fee

Auction Finance explained

Before bidding in an auction, you will need to ensure you funds available if your bid is accepted. If you are bidding, it is up to you to ensure you have an accurate idea of what you are buying, so be clear about the facts of the property or land which is for sale. A committed auction finance loan can give you the certainty of funds.

If you are going to bid at an auction, arrange the mortgage before the auction. You will need funds on the day to pay for the deposit and then the funds to pay the balance for the property a few weeks after.

If your auction bid is successful, you exchange contracts and pay a 10% deposit straight after the auction finishes. You then have a certain time period within which to complete. Sometimes, you don’t have to exchange contracts immediately. Instead, you pay a fee to reserve the property, which is non-refundable if you pull out of the purchase and then you have 56 days after the auction date to exchange contracts and complete the purchase.

Make certain you have the auction mortgage in place before bidding and remember, once the gavel falls there is no going back!

If you live in the South West or South Coast of England or South Wales, Bricks Finance can provide you with auction finance which you can replace with a longer-term mortgage once the process is complete.
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Frequently asked questions

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Can I get a loan even if I am retired?

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Bricks Finance Ltd
Winslade Park
Manor Drive
Exeter, EX5 1FY
United Kingdom