Beacon Mortgage Advice! Help!

Carla0909

I have received an offer from beacon does that mean that the money is now reserved for my date of entry of 30th October? Not sure what is meant by funding running out does that mean money that is reserved? or funds issued?

luckyfool

Beacon have two pipelines, an offer pipeline and completion pipeline. i.e. They will offer and complete about £30million a month. You can get to offer stage, but the lender will only reserve the funds for completion once the Certificate of Title or equivalent is submitted by their legal adviser (B Legal).

Carla0909

So until I get to Certificate of Title (do you know how long this takes) it doesnt mean I can conclude missives? In case the funding runs out before my date of entry? Audit valuation being carried out on monday? Thank you for your help. you just seem to know a lot about beacon.

luckyfool

Carla - My understanding is that once your solicitor has satisfied all conditions and provided everything to B-Legal including a completion date of 31st October lets say and a request for funds for 30th october, this will book the funds. e.g. This could be done on 1st October, and the funds will be booked from the October tranche at that point. So even if the funds are used up by 22nd, that only applies to cases where the request has not been lodged, not necessarily those completing after that date.

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also, people querying mortgage offers not arriving with the solicitor. The client and broker copies are issued by the mortgage lender's underwriter. The solicitors copy tends to go out a couple of days later from B-Legal (the solicitor acting for Beacon). B-Legal open a file and draw up a list of items required and send everything to your solicitor at the same time.

Carla0909

Thank you so much for your help, I shall get on to my solicitor on Monday and explain how this all works......

Carla

needamortgage_2

Hi Aimzrabbit,silversaxman,carla0909 ,lucky fool :-)

Anyone got any more news :-)

I am still waiting to hear :-( its so nervewrecking !


Lukyfool ,hi, could you please explain the Beacon process from start to finish if you dont mind, as im getting told its in this department then its that department and im so confused, its with the packager its with the underwriter,its back with the packager, i think im going to frazzle !

many many thanks :-)

Conrad

Normally the process is;

Case is packaged by packager, that is to say, all documents, referneces etc are gathered

Then - sent to Beacon for thier underwriters to double scrutinise everything

Then it's either offered, declined or sent back to packager if it is felt further documentation is required.

BOTTOM LINE - if your case is truly low risk, then you should get an offer.

needamortgage_2

hi Conrad, thanks for explaining that,

How long can this process take ? and if its going to get declined, surely it would have been by now ?

thanks again :-)

aimzrabbit

well

still no mortgage paperwork arrived from B legal were in trouble now as our vendor and her vendor have put there houses back on today

I wish wed not botherd now tbh

needamortgage_2

hi aimzrabbit ,

sorry to read that :-( did you contact your broker to see if they can do anything ?

I thought they were dxing it to your solicitor ?

chin up ! :-)

I know what you are going through, we are being kept dangling :-(

take care :-)