At an auction, if you are lucky enough to win the bid, you will have to immediately put down a deposit.
After placing that deposit you will have 28 days to pay the remainder of the total purchase price plus auction fees.In most cases, this is not possible to do with a traditional mortgage. A bridge is used to pay for the purchase, then you will have up to 24 months to organize a normal mortgage or to pay off the loan. Bridge finance is ideal for auction purchases.