Beacon Mortgage Advice! Help!

honeymonster19

Hiya! Yes had offer through a while now. The legal side seems to be taking ages though- if it isn't one thing it's another. I got the offer through quick enough but the process since has been hell. B Legal want something different every week- why they can't ask all in one go I don't know-it's all stalling tactics until next release of funds I think. They also ask for confirmation for the same points over and over again- erm- the answers don't change:mad:

needamortgage_2

hi honeymonster aww,sorry to hear that, try and stay calm, i know what you are going through, why does it have to be like a drip system, and now im even more confused now, i thought that when you got an offer that the legal side of things was pretty straightforward ?

Just try and grit your teeth, does sound like delay tactics ,how long has it taken to this point ?

I think there is lots of people in the same boat :-)

count to 10 ! ;-)

needamortgage

honeymonster19

Hi Needamortgage. Thanks for your kind words! I thought it was plain sailing once you got the offer as well, but it all depends on timing. If you don't make it in time for the fund allocation then they'll keep you on hold by making non-sensical enquiries (one of mine was contact number which I had already provided!) until it's time for allocation. Unfortunately inbetween my solicitor only works part time hours so it has further delayed matters.

I think it's supposed to be a lot quicker if you also use B Legal but by the time you've had your offer etc you've already got a solicitor working for you so you hardly want to change. Also Beacon did not like my original solicitor for some reason so refused to send offer etc to him so there was a delay there as well. It truly has been a nightmare- once I move I'm staying put!

Are you just waiting for your offer? How long has it been?

needamortgage_2

hiya youre welcome,

I dont blame you either for wanting to stay put once you move :-)

Sounds like one big roller coaster, i hope that you hear something soon :-)

Yes just waiting for the offer, feels like forever, its been about 3mths from starting the process, valuation, forms ,proof of this proof of that, questions every week :-( i got no hair left !

Its the not knowing whats next ! and the waiting !

How did your process work as i have been reading on the forums every ones situation is different ?

Did you have the application, valuation ,questions to ? How lond were you going through the process before you got told you had an offer, did your application have to still get approved by the lender, or were you told that it was being sent to the lender just for the offer ? Hope that makes sense ?

Im confused as we have been told its at the lenders, but im so worried that its going to be lots more questions and enquiries :-(

thanks so much for replying, its good to chat about things with people going through similar things :-)

need a mortgage :-)

honeymonster19

Hey needamortgage. I think the process is designed to drive you mad if you weren't mad to begin with.

Well I first spoke to the broker in late June who said that he would take no money from me until he had spoken to lender first to make sure we were going to get a 'yes' as they would be able to tell him straight away with there being on site underwriters. Within 2 hours he came back to me and said we would be fine and lets do the full application. So I went through that sent off everything that was asked of me and within about 3 days valuation was done and after that about a week or so later I had my offer- wooohooo I thought- yeh whatever:rolleyes: The broker e-mailed me the offer and two days later I had the hard copy. A couple days after that my solicitor had heard nothing and I got a phone call from my broker saying that Beacon would not deal with my solicitor as they did not like them! I hadn't heard anything so ridiculous. My own solicitor tried to find out why and got nowhere so a week or so later he passed my case onto another local firm who agreed to pick it at the stage it was at. Still I thought no problem we can still get in done by end of August, but it still took ages for them to send out a solicitors pack. Since then it has been one thing after another- different queries every week- I work at a solicitors and some of the queries are non sensical and I have also heard on the grapevine that unless you opt to use B Legal they sit on paperwork for days until they'll even look at it- I've been told to report it but then it opens up another can of worms- all I really want is for all of it to be over and done with so I'm still a little bit sane :rotfl:B Legal have everything now so hopefully in October I will fall within their fund allocation.

needamortgage_2

hiya honeymonster19


I agree with you on that :eek:

None of it makes sense to me ,so when you think that you past the biggest hurdle of all actually getting an offer, for you it happened after ,one thing after another, it doesnt make sense you are so right on that

I tell you something honeymonster if we didnt have to move we wouldnt ,but we got no choice really :-(

Have you heard anything today ?

needamortgage (minus less hair today ):-)

honeymonster19

Hiya. No I've not bothered to chase today- I'm just so shattered at the minute I need a days break from it. It's like hitting your head up against a brick wall:o

Have you had any luck needamortgage?;)

Leon_W

Normally I don't charge a fee for mortgages but with Beacon you simply HAVE had to. As you all know, you have to go through a broker to access Beacon loans and I can't think of ANY broker that takes these on now without charging a hefty fee. I made the a decision a few months ago not to take on any of these even with a hefty fee. It simply isn't worth the aggro and I need to sleep at night. Believe me, it is equally frustrating for your brokers dealing with Beacon.

The problem is it's Beacons bat ball and wicket and if you don't like it then tough. From my understanding the limited funding is coming from Italy through Germany in Euros and is liable to all sorts of delays, hold-ups, exchange rate chinanigans, so personally, if I had doubts about funding then how could I confidently recommend them to clients. Frankly I couldn't.

All the best though.

sandrad44

Hi LEON W

We have been waiting since June to remortgage through Beacon..........

We have finally decided to stick on libor + 2.5% deal for the present and plough as much cash that we are allowed ( 10% ) I think to reduce the capital and then remortgage next year , by then credit file will be more favourable and we will be £2700 better off by not paying beacon their fee ..!!!:rotfl:

needamortgage_2

hi, honeymonster :-)


I dont blame you, just chill out, :-)

No not heard anything.

Keep in touch :-)

needamortgage