If there is one golden rule we always try to impress upon people considering buying property at auction it is this 

ONLY DO IT IF YOUR FUNDING FOR THE PURCHASE IS ALREADY IN PLACE

There is not the slightest doubt that there are bargains to be had at auctions, but do not make the mistake that so many constantly do, and that is to make a successful bid at an auction, and then assume that finding a mortgage will not be a problem. 

Firstly, there is the time scale.  A successful bidder at an auction usually has to put down a deposit of  at least 10% of the purchase price there and then with the balance to follow within 28 days - sometimes there is an even shorter time scale. 

A straightforward mortgage can often be arranged well within that time frame, but this is not the major difficulty with properties bought at auction.  Whilst properties for sale at auctions are for reasons such as probate requirements, or where a property is unusual and/or difficult to value, often auction properties may be available because they have proved difficult to sell in the normal market because of some inherent problem or structural defect, short unexpired lease, dilapidated condition and the like. 

If you have cash to complete the purchase and have satisfied yourself as to the viability of what you are doing - great, but don't rely on getting a mortgage without previous enquiry. 

Of course, you can get a decision in principle from a lender beforehand, but this could involve you in paying out for a survey, and unfortunately you have no idea as to what price the property will reach at the auction.  You could end up with an approved mortgage for the guide price, only to find that the price reached at auction is far higher. 

All-in all our advice is that apart from exceptional circumstances, auctions are best left to cash buyers, experienced investors, or those who are 100% certain that they can make adequate arrangements to have appropriate funding in place before raising their hand!