Purchasing a property at auction can be risky. If you are unable to pay for a property at auction in full on the day, you would need to pay a deposit and then pay the rest of the funds within 28 days.
You must be certain you will be able to raise the remaining balance within 28 days or you will lose your deposit. Therefore, bridging finance is mainly used in these types of property purchases, because it is fast and can be sourced a lot quicker than a mortgage.