Buying a house is certainly not a step that should be taken lightly so there may be some people who are surprised that property purchases can happen at an auction. One of the questions that people tend to have with regard to this scenario is how they can go about getting a mortgage for the house. You have to pay a deposit on a holiday so it is understandable that you would be required to do so for something like a home, and just as you should be prepared with the cash for this you should have a mortgage arranged in advance too.
It is easy to appreciate why someone would want to buy their property at an auction. All that endless searching around and suchlike is eliminated but this does not mean you cannot go along and view the place and make other plans before the bidding starts. It is typical for there to be some kind of deadline for you to have the mortgage arranged after you buy the place and this could be around three to four weeks for example. You should certainly avoid entering that winning bid and then asking questions later.
If you have the searches and the survey taken care of you can go to the auction safe in the knowledge that you can finalise everything so long as you win the bid. Going ahead and committing to the property if you do not have your mortgage arranged leaves you open to all kinds of potential difficulties and you could ultimately lose that deposit you paid.