Beacon Mortgage Advice! Help!

expertseeker

Hi everyone just been told by our buyers solicitor that we have to have a third valuation! as they have been very quick in answering there endless list of questions , I presume they have to come up with something else to delay things! I have been told that we should be able to complete on 3rd november, so why can't we exchange for that date, least we know its gonna happen then.

Carla0909

Luckyfool

You are a scottish broker can you confirm if this is correct, I have been told by my broker that as I have paid £299 at the beginning of the process that my funds have been booked and are in place for my date of entry. This fee is on top of the arrangement fee of just over £2400.

Do you clients pay this booking fee of £299?

Mine looks all ok, spoken to all solicitors etc all seems in place, just after reading the stories on here it puts me on edge a bit....as I have concluded missives and am looking to move on the 30th of October.

Thanks

Carla

*Storm*

Expertseeker.........

I just read your post and am absolutely gobsmacked!!! Beacon really are just taking the p*ss now!!!
OMG......... I'd be on the floor in bits, having a nervous breakdown!!!

We're having our second valuation tomorrow but Beacon already told my solicitors this morning that we hope to exchange this week and complete on mon 3rd Nov!!

You must be in the queue for Novembers funding also - the same as my buyers! :eek:

It really is disgusting......... They should not be allowed keep people hanging on like this. In our chain - 4 mortgages - all high street lenders, all surveyed and approved to release funds in 5 weeks. We are now on week 14 and Beacon are coming up with a November date! It will be 18 weeks in total by that time!

My friend hit the nail on the head at lunch today when she said "Why should you suffer because your buyers are subprime and have a bad credit history!"........... I had to agree with her.......

Can you tell I'm on my soapbox?! :mad:

Well.......... we should be exchanging fri after survey........... 'm not holding my breath after reading your post!

All I can say is......... I really feel for you hon............. try and keep positive. Have you still got the house you wanted to buy?
(Mine is pulling out on 23rd Oct :mad: So i'll probably end up in rented and have to do it all over again........but I'LL be the one calling the shots this time as a cash buyer!)

luckyfool

Storm - on cases over 70% ltv the main valuation has a shorter validity period ... and even delays getting damp and timber reports etc can mean that they expire. Equally on 9 out of 10 cases just now there is also an audit valuation carried out post offer at the lenders expense. e.g. My most recent case there was an initial valuation, revaluation, offer, then audit valuation, and then the lender said that technically the original valuation (extended by the revaluation) was now out of date if they couldnt complete by 11th September (which they couldnt) so they would need a whole brand new valuation at my clients expense... though they relented but still insisted on a further revaluation at their own expense. In the end the same surveyor visited the property 3 times, and the audit valuer from a different firm once. The mortgage offer came in in 1st September, completed today. They do get there in the end.

Carla - most of my cases are in England and Wales as I'm a telephone based broker. I have to say though that I'm not aware of Beacon booking funds as such except on their Prime exclusive products.... not the more common Prime Plus range.

*Storm*

Luckyfool.............

Thanks for explaining that, but why is it only Beacon who do this? The short valuations I mean. Out of the 5 surveyed in July - only Beacon has come back with an audit valuation.
Then when I read ES's post about the third one............ Aaaaaaaaarrggghhh!

I just keep getting a new mortgage offer from Halifax on the 1st of every month!

Do you have any idea if they will exchange this early (this fri) for completion on 3rd november........ or do you not think it will happen????

Thanks

Carla0909

Luckyfool,

Thank you for replying, do your clients pay Beacon the £299 booking fee?

I am with a big packager, who I believe gets a big allocation of funds from beacon.

Carla

expertseeker

Hi Storm yes I am getting extremely annoyed!! As far as I know I have still got the house I want, but if it goes on much longer, I don't know.
I do feel sorry for our buyer though as he has been a victim of identity fraud so its not actually his fault!
We were supposed to be moving on 9th october then the 23rd, now tuesday 3rd november, i'll believe it when i see it,
I think that we will do the same as you if it collapses and sell before we look to buy!

luckyfool

Carla - it may be down to the packager you deal with as they do get a degree of freedom as to how they manage their tranche of Beacon's funding. I know some are reputedly booked out 5 months ahead of time. As I deal with their subsidiary they don't need to do this as they get a big enough chunk of the funds that they have been able to pretty much deal with all the business they get each month ... only needing to put some cases back a week in August as their funding ran out on the 22nd or so.

Carla0909

Yes that is what I was told, that my funds have been booked for me since I applied and paid for the booking fee.......you have just confirmed this. Thank you for your help.

Can't wait for it all to just happen now!!

Carla

honeymonster19

NAM

Don't pull out it'll be worth it in the end- to be sitting in the home you want! I know it is a strain- some days I haven't been able to eat but there is light at the end of the tunnel! I think we are exchanging tomorrow or Friday and then completion on Mon/Tues depending when funds land. Grit your teeth and hang in there.