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


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If your buyer is using Beacon, my guess is that it is because no one else will lend to them due to adverse credit. And unfortunately, they will not produce any more mortgage offers until at least Feb 2010, so completion will not happen until at least March of next year. Sorry to be the bearer of bad news.

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Beacon are probably not taking your admin fee as they know that no mortgage offers will be produced until February 2010. However, I would still expect them to be able to process your application in the meantime regardless.

 

 

Not what they have said on their Email...

 

"Between now and February 2010, in close liaison with the FSA, Beacon will be carefully managing the conclusion of its asset purchase arrangements, and to assist customers to whom mortgage offers have been made in completing their loans within the stated validity of their individual mortgage offer."
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I had that email a while back too. Once you break down the jargon, what they are saying is that they are honouring mortgages that have been offered, but not producing anymore offers until Feb 2010. Basically, the German bank that was funding them, have decided to no longer do so. Thus, Beacon are looking for new funding avenues and are managing the little funds they have left. If they have not found a funder by then, then they will be closing their doors to all business.

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Well we applied in June and as many others have been asked again and again for more documments, it got to a stage that they lost some paperwork including a survey that cost us £400 and then they lost a statement from our building society. Now to keep it short we have been told that the American bank that gives them the money, have know pulled the plug. the house we were buying we have now lost and all our money for survey lost, and to top this we are now Homeless, thaks Beacon Homeloans

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Well, where shall we start?? I wanted a mort for 20k, but Beacons minimum is 25k. ok, we will have that then. I am putting down 100k (so in effect asking for 20%) so far I have had to fill in two mortgage acceptance forms, re sign countless other forms as my sigs 'dont match' even got my brief to witness that my sig is not always the same. taken out (but is now cancelled) building insurnce on the property (not legal until exchange) got a landline number for the property (having to take over the vendors line) despite giving two mobys and a work landline. Provide a mortgate statement for the ex marital property (no sold and mort paid off), GET IT STAMPED at a local branch, then GET IT STAMPED AGAIN AS THE ORIGINAL STAMP WAS 'ILLEGIBLE' DESPITE THE FACT IT HAD NAT WESTS ORIGINAL FAX NUMBER ON IT.:mad: I have lost count of the hoops I have jumped thru, ok, my cred history, through the course of the divorce proceedings, has dipped somewhat, and I am on a debt management scheme, but moving into my own property will mean I actually live cheaper, and will pay off the debt management in half the time as currently half my salary goes on rent, and a high proportion of what is left goes on fuel to get me to and from work, whereas the new house is walking distance. I feel I am being penalised at every turn. NOW today i hear they 'might' release funds on 4.1.10 (nothing concrete) as they have reached their monthly cap already. This has been going on sinc mid to end July. My conveyancer and estate agent (who is where I got this firm from) sit open mouthed at the things being asked of me. I have ended up on medication. Divorce was easy peasy, financial settlement, involving several court attendances was just a doddle. They say moving house is the most stressful thing, but it is lenders who extend the stick when I get to the carrot that make it hard.:-|. I cant back out now and try via my bank for a mortgage as I have spent money already and every penny is accounted for from what is left. short n curly job:-o.

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These are typical problems when dealing with the sub-prime market,lenders make up their own rules.There really isn't a sub prime market in uk now,most lenders have closed the door to new business.

There are ways around the problems sometimes,all cases are different but it can be possible to get people who think they are sub-prime mainstream lending.

Feel free to send me an email with your contact details and circumstances and I'll reply to everyone,not always the answer you want,but it'll be the truth.

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We are sticking with Redstone at the moment. We have just had our deal reviewed for the next quarter and its 3.37% By July next year all defaults will have dropped off our credit file............... I am going to put extra money into a savings account . My question is will we be able to get a ' high street ' mortgage ??? we have two small satisfied ccj's ( less than £200 each ) from 2007...........

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Had no financial problems in last few years. House value approx £185,000

Mortgage £121,500 :p so here's hoping. we are on interest only and have missed no payments but really want to revert back to capital & interest

Ping me an email nearer the time and I'll have a look at what's available

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Lender Changes

 

LenderProducts AffectedLast date for applications to be dated and KFI producedPackaging DeadlineLaunch date for new productsAdditional InformationBeacon HomeloansAll13/11/0913/11/09No Plan for New products at present

Please Note: KFIs for any product being withdrawn must be produced by close of business on the deadlines for applications to be received. A KFI cannot be produced once the product is withdrawn from sale.

For latest product/withdrawal information please contact TFC Homeloans on 08456 444 222.

 

Latest News - click to read more

 

 

SO NOW I AM WONDERING, AS THEY HAVE TODAY ASKED FOR A 'RE-VALUATION SURVEY', JUST WHAT THEY ARE PLAYING AT. WAITING TO HEAR FROM MY BROKER, AND MY BRIEF (APPARANTLY THE PERSON DEALING WITH MY FILE IS NOT IN THE OFFICE UNTIL WEDNESDAY!)

 

 

 

Latest Lender Changes

 

Edited by Big Depositer
ADDED TOO
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