Beacon Mortgage Advice! Help!

needamortgage_2

aimz rabbit

thats brilliant yipppeeeeeeee !!!!!!!!!!!!!:jwell done, so when do you move in to your new place yipppeeeeeeeeee !!!! COngratulations,

As yet not heard anything, feel absolutely drained with all the worry ! but hey you celebrate today okay you deserve it !

let us know how you get along :-)

keep in touch ! :beer:

needamortgage_2

hi aimz

Thats brilliant, well done, congratulations :j!

All the best in your new home, thanks for all your replies, it helped me a lot and yes please keep posting let us know how you get along :-)

We havent heard anything yet ,but still hoping !

Time to relax now ! :rotfl:

Take care, keep in touch


needamortgage :-)

luckyfool

sandrad44 wrote: »

Hi Everyone,

i'm new to the forum so hope I can fill you in with everything .

We went to a broker beginning of june to remortgage. They went to beacon. After constant calls to broker and no sign of final mortgage papers I have decided to stick with present mortgage for approx six months . This will allow credit file to be cleared of defaults as they will wipe off in the next few months.. currently libor + 2.5%

There are two small ccj's ( under £200 ) that are satisfied going back to 2007. hopefully I am making the right decision. Broker says we should still hang on for beacons offer which is fixed 6.45 for three years and a whopping £2700 fee !!

I don't want to second guess your broker, and I agree to the extent that whether this remortgage was worthwhile is/was borderline.

However your credit file will not be clean in the next few months, as you will have ccj's showing until 2013... albeit for relatively small sums and satisfied. Without checking the Beacon product guide I dont know your loan to value percentages, but I would imagine from the rate it is around 70-75%. There are no guarantees whatsoever that a high street lender will take you on in 6 months once the defaults go off, and if your loan to value percentage edged above 75% then the likelihood of getting a high street lender to help at a rate any better than Beacons current offering becomes alot less likely. I can certainly see some benefit in the "bird in the hand" peace of mind of a fixed rate just now at just over 6%, versus the two in the bush possibility of a better deal in 6+ months.

If I had been in your brokers position I would have explained the pro's and cons to sitting tight vs. locking in peace of mind now and allowed you to make a decision. If I had any sense I would also have fully documented that in a suitability letter.

p.s. If Beacon are paying £150 for referring clients to B-Legal for their legal work then who do I talk to as I'm getting shortchanged! B Legal are involved in every single Beacon case on a compulsory basis to act for the lender. Clients can choose whether or not to use them for their own work as well and the packager I deal with strongly encourages brokers to recommend this as they are most familiar with the lender and their legal process. Given that of the last few Beacon cases I had the one that used B Legal for the clients legal work went through substantially faster after the mortgage offer I cannot argue with that.

Ultimately if you are using Beacon you cannot and should not expect things to happen anywhere nearly as quickly as with a lender like Halifax, however generally speaking the profile of the clients Beacon will deal with and the lack of lenders operating in the near prime/specialist market generally means their other mortgage options at the moment are heavily restricted.

aimzrabbit

Luckyfool

http://www.pavillionsecurities.co.uk/Lenders/Beacon/BLegalsConveyancingFlyer.pdf

sandrad44

Hi Luckyfool

Taken on board what you have said. Contacted broker again today to discuss credit file. With the way the housing market is and will be turbulent for some time we are going to go with the flow and see what comes from the beacon offer. we have nothing to lost at present as nothing is signed etc. our ltv is approx 68% . looking around some fixed deals are not far away from beacons. The only sting in the tail is the 2700 fee ..........

aimzrabbit

my broker just been ont telephone and he has just started with a new beacon client today

he has done the mortgage in principle and he was told by the packager that they have enough qouta for next 5 months

so they will be looking to complete in 5 months

:rolleyes:

sandrad44

do you think if we went to 'fee free broker ' like london & country they could come up with a better deal ??

luckyfool

aimzrabbit - depends on the packager. Most are doled out very small tranches of funds and as you say this can mean that completion is delayed heavily.

I'm afraid its down to using a broker who is on the panel of a packager with access to the lions share of Beacons funding. i.e. I use the packager owned by Beacon Homeloans and have never had that issue. I had a case last month where the offer was delayed by a week to carry over into the next month, but nothing other than that.

honeymonster19

Hi I'm still waiting to exchnage and complete. Every week they are asking for different information and then losing the information supplied or else just not receiving it. Broker thinks it is delaying tactics until funds are released in Oct- we were suppose to complete at the end of Aug. It is really frustrating- the only thing they haven't asked is what colour underwear I'm wearing on any particular day I'm hoping that as we are close to Oct I may be in with a chance. My packager is Select- anyone heard of them and how good they are?

needamortgage_2

hi honeymonster, so did you get an offer yet ? if so how long has the whole process taken you ?

We are still waiting :-(

Hi to carla09, cherryon top, silversaxman, how you all getting along ?

Aimzrabbit, not long to go now ! :-)

thanks everyone :-)