Beacon Mortgage Advice! Help!

lepodologe

hi all,

Got a mortgage offer from Beacon 2 weeks ago and have to exchange and complete ASAP. My solicitors are finshing paper work with B legal.
Do you know if my fund have been already blooked since the mortgage offer or they will only be when I do the exchange?
Do you know if it possible to exchange and complete in the same day ?

Many thanks

*Storm*

GlitterJunkie............ Congratulations on getting the go ahead for the exchange!!! :j YAY! Once Beacon have agreed this - it is usually fine. Well done on getting there. Let us know on Thursday when your completion date will be. Mine is on the 3rd Nov, I am still very apprehensive that something will go wrong - but I keep getting told that it should be plain sailing from now on. I hope so - I've booked and paid for my removal van!
PS.......... If you had your survey in the morning and Beacon said you were ready to exchange at 3pm - then it goes to show that the second eval's are just a timewasting exercise doesn't it! They cant have got the report and authorised the release of funds that quick! Anyway........... well done...... you can relax now!

ES............ Ooooooooooohhhhhhhhhh, sweetie - I am so sorry that your buyers pulled out - I really really feel for you. All this stress for nothing - I bet you were in buts. I hope you are feeling a bit more positive now? Have you had any more viweings? At least your next buyers should be with a high street lender and all will be pretty straightforward....... you cant be hit with Beacon twice!! Good luck and fingers crossed for you. X

Lepodologe......... I dont think you will be exchanging any time soon - you may even need a survey eval, which seems to be the norm for Beacon. My buyers got their mortgage offer at the beginning of sept and we are completing on 3rd November! You may be lucky - but reading other people's posts, it looks as though 2 months ish from receiving your contract is the norm. Good luck

Good luck everyone............... hope everyone is settled by Christmas....... one way or another. X

mortgage-adviser-now

jaoidg wrote: »

Hi glitterjunkie and Expert seeker thanks for your help, from what im reading its best that i dont use Beacon for this deal :mad:, ive informed my broker to look around again i cant lose the house.

Good luck everyone.

If you were using Beacon it will probably be because they will self certify or accept an adverse credit record.

Wanting to be allocated funds by them is standard practice and understandable as they need to get funds in to lend them. They are the only Lender funding this corner of the market currently.

I suspect if you had to use Beacon, no other current Lender will accept your case and your Broker will confirm this.

expertseeker

Thanks everyone keep you posted how we get on!
glitterjunkie yay thats great you've been given the go ahead from beacon, I am really hoping you exchange today, please let us know how you get on, I will be praying that you do! Take Care everyonex

expertseeker

:jHi all just been told our sellers are gonna hang on for a little while to see if we get another buyer, thank God theres some understanding people out there!

glitterjunkie

expertseeker wrote: »

glitterjunkie yay thats great you've been given the go ahead from beacon, I am really hoping you exchange today, please let us know how you get on, I will be praying that you do! Take Care everyonex

*Storm* wrote: »

GlitterJunkie............ Congratulations on getting the go ahead for the exchange!!! YAY! Once Beacon have agreed this - it is usually fine. Well done on getting there. Let us know on Thursday when your completion date will be. Mine is on the 3rd Nov, I am still very apprehensive that something will go wrong - but I keep getting told that it should be plain sailing from now on. I hope so - I've booked and paid for my removal van!
PS.......... If you had your survey in the morning and Beacon said you were ready to exchange at 3pm - then it goes to show that the second eval's are just a timewasting exercise doesn't it! They cant have got the report and authorised the release of funds that quick! Anyway........... well done...... you can relax now!

Thankyou both so much... well I am so chuffed and over the moon to say we finally DID exchange yesterday :j:D They left it until 4.50pm, talk about stressing me out, but it got there in the end! I was jumping about 10 feet in the air every time the phone rang. Our completion date is also 3rd Nov Storm, how exciting!

I suddenly feel very grown up and responsible though, which is quite scary eek! But also so relieved... it has been 16 weeks exactly since we put our offer in, and we have thought we were going to lose the house twice, so it has been a real rollercoaster (firstly when our original solicitors dumped us for using Beacon and we had a mad rush to find new ones, and then secondly when we had this revaluation nonsense and people were giving us deadlines to exchange and threatening to pull out!) So I am very very glad that it's all official now, as it's been a bloody awful few months! haha. I just wish I had found this thread earlier, as I only found it a few days ago and it's really helped me just to know other people are in the same boat!

Good luck to anyone still going through it all...I know it doesn't really make you feel any better but hang on in there, you will get there in the end! I really hope everyone has a stress free next few weeks and gets there, and we will all be in our new houses for Christmas :snow_laug :xmassmile

If it helps anyone, this has been our experience -
Offer accepted on our new house 2nd July
Mortgage offer recieved 3rd Sept
Dumped by solicitors 8th Sept as they did not want to comply with Beacon's requirements, had to find new ones!
Exchange 22nd Oct
Completion hopefully 3rd Nov! (So 17 weeks and a couple of days from start to finish).

expertseeker wrote: »

:jHi all just been told our sellers are gonna hang on for a little while to see if we get another buyer, thank God theres some understanding people out there!

That's fantastic news! So pleased for you Will be keeping everything crossed that you find another buyer quickly, sending you all the good luck wishes in the world!

jaoidg

Hi all, just a quick one thanks for the advice, ive dropped my Mortgage adviser and found a new one as it seemed i had been ill adviced from him with Beacon, going to a high street lender woolich who are more than happy to to lend to me , help form my new one

GOOD LUCK TO EVERYONE I HOPE THINGS TURN OUT FOR THE BEST.

asajoseph

What sort of multipliers do Beacon offer?

I have pristine credit, and earn £53k (before bonus, which I assume they won't include), and my partner earns £32k, has a 5 1/2 year old default for £1.4k and a few late payments 5 years ago.

What sort of deal might I expect them to offer me, assuming we get turned down by the high-street lenders?

luckyfool

You should be able to get a broker to find you a prime rate if the default has been satisfied for some time.

Otherwise.... your rate will primarily be determined by the deposit. e.g. fixed rates for 2 yrs starting at 5.5% with a 2% arrangement fee with trackers under 4% with a 3% arrangement fee... possibly better on their Prime exclusive range of deals (which most brokers cant access)... only ones who have access to Beacon Mortgage Packaging and also are members of certain networks.

security_expert

joseph

earnin 53K and a clean credit file surely you can get a mainstream lender ?on 1 income