What happens if mortgage lender does not approve in time for completion?



New Member
I have a question which I hope that someone on this forum will be able to help me with please.

I recently bought a property at auction, and had a mortgage agreed in principle before the auction. Under the terms of the auction, I have 20 working days to complete the property purchase.

In the eventuality that the mortgage lender fails to arrange the mortgage in time for the auction property that I purchased, would it be possible to complete the purchase by the deadline using cash first whilst waiting for the mortgage to be completely arranged?

I just thought I should prepare for any outcome, just in case the mortgage lender is slow.

Thank you in advance!


If you have sufficient cash then that should not be a problem - similar to a bridging loan type arrangement before you receive your mortgage funds. There should be a strict timescale for the mortgage if it was agreed in principle so there should not really be any issues but as you say you never know.

If you have the funds available, have you not considered an outright cash purchase with no mortgage?


Active Member
I think in these situations you need to confirm with your mortgage provider that they will have the funds ready within the agreed timescale. The whole point of agreeing the deal in principle is that the funds are pretty much ready when you need them.


You would have thought all of the hard work had already been done in checking your financials and your identification before offering you a mortgage in principle? Mortgage companies deal with auction transactions on a regular basis so surely they must be aware of the relatively tight timescale?