beacon homeloans......... anyone had any dealings

[jake44]

We have been approved for a remortgage with Beacon Homeloans. We are now 10 weeks down the line and still no formal mortgage offer !! I think the way the mortgage market is at the moment all lenders are really digging deep with regards to your past credit history and the affordability of the new mortgage..........................

The underwriters are constantly coming back time and time again asking for various different things. I am really hoping the offer will come out this week.

Has anyone else had any dealings with them ??

[~ NC ~]

Not dealt with them recently but I hear they are quite slow at getting offers out lately. Beacon are probably the most busy sub-prime lender in the marketplace currently since many other companys of that type have stepped away from lending with the economy as it is, so they have more customers all of a sudden.

 

Are you dealing though an adviser?

 

And out of interest, why remortgage with Beacon? Aren't there better rates out there with other lenders?

 

 

NC

[jake44]

Broker said we could not get deal with any other company because of credit history. We wanted to remortgage and take extra to purchase a car for hubby. i was getting really fed up with it taking so long that I decided to try and get finance for the car through a dealer as within the last few months ( the time its taken to remortgage ) our credit file has changed quite a bit............. and to my surprise got finance for car no problrm through main dealer........... i have now told broker to cancel mortgage deal as by the end of the year both our credit files will be clear and we should get a really good deal through a main stream lender......

[aimzrabbit]

7 weeks in and no offer as yet

 

at risk with losing the house as other people in the chain are getting fed up

 

does any body have anything good to say about beacon , the packagers and payment collectors ie Redstone ?

[subprimevictim]

I would advise anyone to steer well clear of Beacon and Redstone. My so-called "mortgage" is with them and it was the biggest mistake of my life. Beacon offered me a mortgage without even checking my income figures. I now have solicitors investigating the agreement and they tell me that I have been robbed right, left and centre with illegal charges. These type of companies should be shut down.

[jake44]

Why do you think you were robbed ? Their fee is 2% of loan. Our fees would be £2700 Broker still thinks we should hold off for their mortgage offer. I am VERY unsure what to do......... at the moment we are paying redstone 4.79% this will reduce next month to 0.5 libor plus 2.5%

 

The new deal would be 6.25 for three years and the hefty fee of £2700

I still think we might be able to get a better deal. Other option is staying on the new rate that we will be on from Sept - Dec and then if the libor is still low then dec - april The extra cash could be saved to reduce the overall mortgage........... ??? Anyone any thoughts

[blondie_70]

Myself and my partner are in the process of taking out a remortgage with Beacon and I must say it's getting beyond a joke. We submitted the application in early June. They came back wanting more and more information/documents, which we provided immediately. Eventually, we managed to arrange a survey, which was favourable. Then we received our mortgage offer and returned this straight away.

 

We subsequently heard from the Solicitors, and carried on providing documentation, etc. Then we received a phone call from a second surveyors looking to set up another survey! As no one had mentioned this to us, I called Beacon, who informed me that this was due to the first surveyor only being able to find one comparable property in the local area when they would normally ask for two or three. Fair enough. The surveyor came and went over two weeks ago, and we have still not received a copy of the report.

 

In the meantime, the Solicitors had everything they needed and were looking to complete around 20th August. Beacon then told them that they would not be releasing any more funds in August, as they had reached their quota for that month (I kid you not!) and therefore the Solicitors told us that the remortgage would complete on 1st September.

 

We received a completion statement to approve yesterday, and were told that the funds had been requested from Beacon. So far so good!

 

But guess what? No completion. Beacon refused release of the funds yesterday as there was a phrase in the second survey that needed to be clarified and they were waiting for the surveyor to come back to them. We have now been told that once this has been received, if the underwriter is happy, then we are looking at completing 'shortly'. If not, it could mean more documents to sign and/or negotiations between the surveyors and further consideration by the underwriter......

 

It has to be said, I'm starting to lose patience!!!

[jake44]

We are in the same position. The application wnet through in June and it is really crazy that they run put of money by the third week of every month !! hence why they fob you off with more questions ie a way of them to stall the completion. Do you have to go to beacon. ? I am seriously deciding to pull our paperwork back and sit tight on our libor rate plus 2.5% ( maybe for the next few months ) as I don't see libor jumping too high in the near future. This would give us a squeeky clean credit report and should let us go mainstream ......... ??

[jake44]

Have you had any sign of an offer yet ???? nothing at all at our end. I have told our broker to forget it .......... Our present mortgage is linked to libor plus 2.50 % ( which is very very low ) at present . This means our mortgage is about £350.00 just now. If it stays low for about 6 months then we will be able to get a hight street lender hopefully as our credit file will be clear of defaults. Broker thinks we should still hold out for offer ??? Beacons fee is £2700

 

Hopefully we are making the right decision............

[aimzrabbit]

got our offer 8th of september now awaiting completion ....

 

 

but the post strike has now slowed the process as my sol is liasing with b legal for the release of funds

 

aimz

[Wongo]

Can anybody recommend a different lender to Beacon for people with adverse credit?

[Wongo]

Aimz, how long did it take you to receive the offer from when you applied?

[aimzrabbit]

Wongo

 

my valuation was done 21st July got offer 7th septmember

 

aimz

[aimzrabbit]

Wongo

 

Beacon are the only lender left at 80% LTV subprime there are a few others but only at 65 LTV or around that

 

I am not a mortgage advisor youd be better asking a whole of the market broker for advice

 

aimz

[jake44]

rate we were being offered was 6.15 fix which wasn't too bad , but the sting in the tail is the £2700 arrangement fee ?? does seem steep.

How much adverse are you talking about .........

[aimzrabbit]

deleted

Edited October 3, 2009 by aimzrabbit

[aimzrabbit]

jake

 

just read the thread and i guess you was refering to wonga

 

lol

[jake44]

Is beacon the only lender you can go with ? I am going to hold off hopefully till next april or may ( if libor stays low ) then we will have clear credit file . I am just interested to see why beacon have taken sooooo long to send us an offer out. its beyond redicilous now. First applied in June !! if defaults are ignored as they state then why take soooo long.

 

There rates are pretty good for subprime. I think things will have to change as so many people are going to have marks on their credit file due to the credit crunch so hopefully they will start to be abit more lenient re old defaults etc.

[aimzrabbit]

Jake

 

the delays in offer is nothing to do with credit files its the fact that beacon only lend around 30m of new mortgages each month

 

so for a 100k mortgages they would only do 300 new mortgages a month

 

there mortgages are distributed throught packagers and each packager gets a dif slice of the pie on allocation/ quotas your broker will be dealing with a packager and becides the fee he/she will also get a cut of that 2700 the break down of whu gets what is on the offer some brokers work for free but not all

 

I am not a mortgage advisor but I have read enough now on beacon

 

jake also if you take the beacon mortage on the day of completion it will transfer to redstone mortgages who will adminster your mortgage and theres not many things good about them

 

again there are plenty of mortgage advisors on here who deal with beacon

 

Redstone Mortgages : Smarter Finances - Credit Cards, Loans, Mortgages, Investments read about redstone here

 

good luck aimz

[Wongo]

Aimz,

 

I'm trying to find a broker that deals with Beacon. Which is the one you used and are they any good?

 

Cheers,

 

Wongo

[aimzrabbit]

Independent Mortgage Advice - Mortgage Advice Bureau

 

ring the free phone number and they will put you in touch with a local whole of the market adivisor

 

great customer service and they charged me £295 for my beacon deal

[jake44]

£295 is a brill fee. There web site states £2700 which is what we would have been charged. Maybe depends on the deal you are offered. I am happy to stay put for al least 6 months. By then the market should have settled and who knows might get all my bank charges back to !!!

[SergioAlmeida]

I would like to add, to all those people having a bad tiime with Beacon Homeloans, you are in a big boat with a lot of other people.

 

I am a mortgage advisor/broker and have been for the best part of 10 years. Up until the credit crunch, Beacon were a big part of my business. However, since then, it is fair to say that the sub-prime market in the UK is effectively dead. We have received communication in the last few days that Beacon or no longer producing mortgage offers (until February 2010 at least) due to not having any further funding arrangements.

 

I am currently dealing with 2 Beacon mortgage offers, and it is standard for Beacon's solicitors, B Legal, to drag their feet in terms of arranging completion of the mortgage. Rather than ask all the necessary questions all at once, they have a habit of asking one, then another and so forth.

 

Beacon are one of the last true sub-prime lender left in the UK, the others being Blemain (extornate rates), Platform (though effectively prime as the level of adverse they permit is minimal) and GE Money (same as Platform, not really sub-prime anymore).

 

In hindsight though, consumers do have to look at themselves before they try to start blaming other people. If you tried to take out a Beacon mortgage rather than a prime mortgage, then it can only be because you cannot prove your income (ie you are not telling Inland Revenue the full story and not paying your share of tax like the rest of us) or you have not conducted your finances satisfactorily and therefore no prime lender will lend to you.

 

Lets get some perspective here!

[mercyblue]

Jake44 £2700 is more than you will be paying currently for the next 6 months. Surely you are far better off staying where you are paying 3% - where else will you get that nowhere!!

[Teetosugars]

Oh dear... this is not what we wanted to hear... our buyer was trying to use Beacon as there mortgage providor...

 

FTAdviser.com - Beacon Homeloans to cease new mortgage lending