Beacon Homeloans sent an email to all its packager partners on 12th November informing them it will not be lending any new mortgages after Friday 27 November.
The email from Clive Wilson, sales director of Beacon Homeloans, stated that the lender’s current funding line will end in February 2010.
As a result, Beacon has to find new funding arrangements.
Content of email included:
“Beacon Homeloans, currently one of the top 20 lenders in the UK, is seeking additional finance to facilitate further strong lending in 2010.
The current mortgage asset purchase arrangements, which have enabled Beacon to lend circa £2bn since its inception in 2005, will come to a natural conclusion at the end of February 2010.
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.”
To ensure this was achieved, and in line with regulatory requirements, all fully packaged applications on the current Beacon product range, ready for first time offer and within the packagers monthly quota, would need to be with Beacon by close of business on Friday 13th November.
“No new mortgage offers will be issued by Beacon after close of business on Friday 27 November”.
Editors Note:
Beacon Homeloans is a residential mortgage lender authorised and regulated by the Financial Services Authority under number 429220.
Products are available via professional mortgage intermediaries only and are not available direct to the public.
Contact information:
Beacon Homeloans Limited
One Globeside
Fieldhouse Lane
Marlow
Buckinghamshire
SL7 1HZ
| Underwriting | Completions | General Enquiries | |
|---|---|---|---|
| Tel.: | 0870 979 6633 | 0870 979 6600 | 0870 979 9933 |
| Fax.: | 0870 979 6644 | 0870 979 6611 | 0870 979 9977 |
