: These are short-term loans (typically up to 12 months) designed to "bridge the gap" until you can secure a long-term mortgage or sell another asset.
: Specialized lenders like Together Money often partner with auction houses to provide these. 2. Traditional Mortgages how to get money to buy a house at auction
Bridging loans are the most common way to finance an auction purchase because they can be arranged much faster than a standard mortgage—often in as little as . : These are short-term loans (typically up to
: They generally have higher interest rates and setup fees (around 2%) compared to traditional mortgages. Traditional Mortgages Bridging loans are the most common
To get money to buy a house at auction, you must have your financing arranged the auction day . Auction purchases typically require an immediate non-refundable deposit of 10% once the hammer falls, with the remaining balance due within a very tight timeframe, usually 28 days . 1. Bridging Loans (Auction Finance)
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