Beacon Mortgage Advice! Help!

cherryonthetop

Hiya guys,

Have decided to post my 'first' question on this forum!

Im am currently applying for a Mortgage with Beacon. The survey was carried out on the property this morning. We are due to exchange any day now, the rest of the chain are just waiting for our 'mortgage offer'.

I was reading some other posts from people who are probably in a similar situation. I was wondering if anyone knew what would happen with regards to the legal side of the Mortgage Offer and Completion and also Insurance? Is this likely to take a long time? Can we use our existing Solicitors?

I know lots of Qs, feeling a bit stressed!

Thanks in advance

luckyfool

You can use your own solicitor, but they will have to liaise with Beacons firm as well who will do searches etc. for the lender.

Once the valuation is back and they feel they have all the supporting documents for the case it will get submitted to the underwriting queue which is currently 1-2 weeks. If its been done right then fingers crossed you get a mortgage offer straightaway at that point. There is still the possibility at that point that the lender will also instruct an audit valuation at their expense to "double check". This happens automatically on about 1 in 10 cases and also where the valuer has not been able to give satisfactory comparables within the lenders criteria (this is common just now due to limited comparable sales data).

Realistically you are probably looking at a couple of weeks minimum to exchange.

Your broker should be able to tell you all this though?

cherryonthetop

Thanks for the reply.

Do we have to pay for the other set of solicitors and more searches? We have had all the searches done, i guess they will re-do them for their own records.

Yes my borker could probably tell me, im a bit inpatient though!! I wasnt aware of the legal side of things until this morning.

cherryonthetop

Thats a long time!! Im not sure which they are using, i'll find out from the broker. Whats yours?

I was under the impression that everything was ok subject to survey......do you think they'll ask more Qs?

cherryonthetop

Havent managed to find our what packager yet.

How you getting on?

aimzrabbit

not heard anything as expected my broker said that we need inland revenue notice of coding

which we have applied for to prove my wifes identity

cherryonthetop

we are in the same boat, our chain nearly falling as we are taking so long. We are self certing dont know if that makes any difference

aimzrabbit

all stress here lol my broker has had my solicitor on telephone

the selling estate agent had been on telephone

when we fist started this process me and the wife were happy with a completion date of sept 2009

the people in the chain are getting impatient but thats life what will be will be im not getting stressed out by it all

there aint that many FTB out there with 20 -25% deposits regardless of credit status

I'm not sure about self certified

cherryonthetop

Im trying not to stress but somehow its just sooooo stressful!! We were supposed to be going end of July so are packed up, i cant face emptying all the boxes only to pack again in a few weeks...fingers crossed it'll all be ok! Yours cant possibly take any longer can it....? Hope not. Maybe by the time issued, our credit file will be back to normal!!

luckyfool

Beacon as a whole lend around £30 million per month (which is a pittance compared to what the whole sub prime market used to be). They are virtually the last sub prime lender still around, and have been put under even more pressure by the other main remaining player (Platform) cutting their loan to values from 75% right down to 60-65%.

Beacons funding for August ran out around about the 20th so no new offers will be issued until 1st September, but some of the packagers they receive business through will only receive a very small tranche of their funding and so might only be able to offer and complete 5/10/15 mortgages per month.

I know the first case I placed through Beacon with a certain packager seemed like it went on forever with endless requests for more information before that information going back into a 2 week turnaround for it to be looked at. The last 2 or 3 cases where I have used a different packager with a much larger allocation have proved to be much more straightforward (if still much slower than some high street lenders).

Good luck.

aimzrabbit

i think mine finalised yesterday according to my broker hopefully mine will go through this week our sellers are putting house back on market next week

getting a bit sick of it all now to be honest