Crystal Mortgages has launched Auction Finance Special, a new service which it claims will produce a bridging loan offer within four hours of an application being received.

The Walsall-based firm says the product has been devised to address uncertainty in the market by allowing the applicant to know exactly what they can borrow before they go to auction, as compared to retrospectively looking to secure finance.

Rates start from 1.25% per month with loan-to values available up to 70%, based on a repayment period of three to nine months.

Roger Dewsbery, senior underwriter at Crystal Mortgages, said: “Too many purchasers are winning auctions only to find out that they cannot raise the funds to secure the property because turnaround times on applications take too long or are ultimately declined.