beacon mortgage

smnb08

hi guys
have spoken to my broker today who says she has a mortgage agreement in principle from beacon.
i told her i didnt want to go with fist national as ive heard they are really slow but when i checked my credit report online it says a check has been made by first national home finance limited.
are these part of the same company?
also i have tried to look them up online but cant see any of there mortgage products.
anyone had any dealings with beacon?
also broker is going to ask them if they can use the valuation that accord did on our property anyone know if this might be allowed.
thanks in advance for any help/thoughts x

happybroker

Beacon Home Loans are ok, they aren't part of GE Money (as first national and Igroup are).

The last case I tried to place with them was similar to yours with late payments on the mortgage and they knocked it back but that was a couple of months ago.

They may accept a retype of your valuation, only they will be able to say yes or no.

First National may be slow but if it gets you a better deal is it not worth the wait? Netto is less tidy and has longer ques at the till than Sainsbury but they're cheaper!

Your broker should have presented you with a kfi for the beacon product before submitting an application to them as per fsa requirements.

minimike2

Beacon dont do agreements in principle. You have to submit a full application to them to get a decision. You may fit the product criteria, but that does not constitute an agreement in principle, so I would question that.

They tend to have pretty decent products as far as adverse go and I would usually look to place with them over First National, but they are harder to get a mortgage with.

smnb08

i see what you are saying about waiting for the best deal but i first contacted a broker at the begining of april as my fixed rate with kensington was due to end on the 20th of june i am still at the begining of the process and whilst i can just pay the mortgage i am struggleing to pay the other credit meaning usually one thing has to be missed each month and the longer this goes on the worse my credit file will be.

smnb08

minimike2 wrote: »

Beacon dont do agreements in principle. You have to submit a full application to them to get a decision.

why would she say we have one?
do you know where i can find any product information for them?

minimike2

https://www.beaconhomeloans.co.uk//Documents/Literature/ProductGuide30062008.pdf

Its an intermediary guide and not intended for public use, but you can find it easliy enough anyway with a quick google search...

I dont know why she would say that, unless they have recently changed how they work, but I did one with them not long ago and they still did not have an agreement in principle system then. Did she definately say she had one from them or was is just that you fit the criteria?

They also have a fairly high affordability calculator that you must pass, its not just the criteria on that sheet.

smnb08

i have found product information now.
do you know what they will call a late payment and what will be classed as missed?
accord said anything paid the next month after a payment is due is classed as missed which was unlucky for us as our mortgage is due on the 31st so for us even a day late will be classed as missed.
could do with knowing who will allow a payment to be just late if you pay it in full before the next payment is due.
let me guess no-one!!
i can see us being stuck on kensingtons 10.9 untill these late payments are over 12 months old.

happybroker

first national allow late, last time I spoke to beacon they said that a day late is missed now in their eyes although this didn't used to be the case.

re the length of time issue, once you do have a meaningful agreement from some one your missing the odd payment on unsecured debt shouldn't affect it if they are a lender who disregards unsecured debt performance up to default status....such as First National

smnb08

minimike2 wrote: »

They also have a fairly high affordability calculator that you must pass, its not just the criteria on that sheet.

can you give me an example?i mean is it what your disposable income is after the mortgage is paid??

Toughluck

Beacon, as mentioned previously in this thread are an OK lender as far as I am concerned. Not 3-4 motnhs back they had some of the best rates product wise on the market.

Trouble is they have a limited funding allocation per month (£100m pcm I think). If you are looking for a speeding completion don't hold your hopes up and you'd have to wait in a queue.

They do 1 in 12 (0 in 6) up to 75%.

smnb08

was begining to think first national was maybe a possibility untill i looked at there product guides and it now states that ccjs are not allowed if registered within the last 24 months.
i have one from november 07 so that me out.