Beacon Mortgage Advice! Help!

aimzrabbit

sweetpea

this depends on the packager ...you need to understand more about the process before you add to peoples anxiety telling them to be prepared for a long wait ....

my broker has just done 1 in 14 weeks so thers hope yet

:rolleyes:

sweetpea10

Hi,
We didnt know that this was the route our buyers were taking and didn't find out till 19 weeks in

aimzrabbit

oh thats a shame and i know how you feel but my broker told our vendors estate agent that we was using beacon and we told our solictors right at the start who has used beacon before so perhaps someone should of said to our chain "do you realise it could take 6 months as they are using beacon" but the so called professionals ie estate agent and solicitors didnt !!

then we could of had a conversation with our broker and said "well thats ok if they dont want to wait we'll offer on something else "

were miffed cos wen we offered on our house we also viewed others 1 of which was empty as the woman had emigrated and there would of been no rush no stress

but here i am stressed as everyone else but i am confident that that ours will complete soon

end of day thers more houses out there than there is 1st time buyers with mortgages at the moment ......

expertseeker

Hi aimzrabbit,
Im suprised that its taking so long for first time buyers as the ones in our chain of five, (we are number four) going crazy cos they been ready for a month and its about 14 weeks for them now, all our work for buying and selling was done in a month and much the same with our sellers, we just constantly waiting for our buyers and so are their buyers, its easy to say be patient but when you waiting for people to stop asking silly questions its so frustrating. Our buyers were asked what solicitors we using to purchase our property, how is that relevant to our sale!

*Storm*

Hi Sweetpea
Thanks for the reply............ 22 weeks??? OMG! I almost fainted when I read that! I think I would be in a psychi unit by now........ not to mention the one whose house I am buying! I am hoping and praying we get a resolution soon, and that the surveyor gets his skates on for the second eval.

Aimzrabbit
Thanks for the reply, and I didnt mean to be disrespectful when I said that I would never have accepted my buyer offer if I had known they were with Beacon - but the truth of the matter is, I would not, ever, ever accept a sub-prime lender buyer again. Even my solicitor has now stated that she will never accept any more clients who are using Beacon due to all the aggravation and endless requests for information. If this falls through and I get another buyer - the first thing I will ask is what mortgage company they are using! It is nothing to do with insulting you and asking about your credit rating.
The problem is that beacon are really the only sub-prime lender available at the moment, hence there is no competition from other companies so no need to rush things through, as for example the Halifax completed our survey and we were good to exchange in 4 weeks!
Yet, time after time, the beacon keep requesting more and more information and then, on the day of exchange to ask for a second survey??? It is just a joke and people do not need the additional stress of dealing with a company like this.

Expertseeker.........Hi chuck!
We were told that ours were first time buyers and their mortgage was in place and they wanted a 6 week turnaround as they were leaving rented accomodation. We ended up 2nd in a chain of 5 (no idea how that happenend!!) after 4 weeks, all of us were ready to exchange except our buyers........ using......... they who shall not be named!!! LOL!
So, it has been the most frustrating time as solicitors phone calls keep getting bounced back and forth as Beacon constantly ask for more information.
I have a horrible feeling someone will pull out...... but I'm hoping they will just hang in there and wait for my buyers.
I think it made it even worse when Beacon insisted on using their own solicitor, so its a 3 way converation everytime a request for further info is needed.
Like I said above...... our solicitor has actually said she will refuse to deal with Beacon again - I dont blame her actually because they give you a price for the conveyancing fees at the start for an estimated (usually) 8-12 week completion, so really after this point, they are doing all the extra work and chasing their own tails for nothing.

All I can add to this ongoing saga is that I hope we all exchange and complete soon!!! Keep us updated peeps and maybe one of us will hear some good news by the end of the week.

*Storm*

Sorry, I just wanted to ask........
I have read about the allocation of monthly funds - is this why it takes Beacon so long to sort things out?
Do they just use delaying tactics to get into the next financial month? And does anyone know what the cut off point is for exchanging contracts to release funds?
Thanks

aimzrabbit

beacon only do 30million of new mortgages each month so thats 300 mortgages at 100k a mortgage

each packager gets a different slice of the pie thers about 15 dif packagers

beacon packaging gets the biggest slice as this is beacons own packager and i think they get around 10m worth so that leaves 20m

so if your FTB packager uses one that says had 5m per month that wud be 50 mortgages per month at 100k ....

my offer was septmeber and personall i didnt expect to complete in sept but now as were in early october i expect my packager to still have funds availabe and could still be in octobers completion list ....if my 2nd survey is done quick then i wont expect any more messing about

but if it drags on through sep then obviously im going to go in the 1st trunce in nov i dont expect any longer than that .......if it does then i can only presume that beacon have no money to lend and its time to call it a day for us at that point...

needamortgage_2

hiya aimzrabbit, sorry to read what happened,

Keep us posted ,hope it goes by quickly so you can move for your sons sake :-)

take care

NAM

needamortgage_2

Hi Silly Sue,

What packager did your broker use ? and keep us informed how you get on ?:-)

thanks

NAM

needamortgage_2

Hi Storm,

I dont think it matters if you are subprime or not things are taking so long for people even with normal circumstances :-(

You just have to read this forum :-)

I feel sorry that you have been waiting so long, its so frustrating, we are still waiting to find out if we are to get an offer and reading all the things that can go on after you have an offer, is making me really ill with worry.

If we didnt have to move we wouldnt believe you me, :-( we would stay put ,we just need to get out of the hell hole where we live :-( so its not even for nice reasons why we are moving ,ie a dream home :-(

So i hope things work out for you and no one pulls out of your chain, let us know how you get along ?:-)

take care, NAM