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Beacon Mortgage Packaging offers to process Solent DIPs

Beacon Mortgage Packaging is offering to take forward mortgage applications that have lapsed as a consequence of the administration of Solent Mortgage Services.

Beacon has an almost identical lending panel to Solent, which called in administrators last week, and is willing to package any Solent DIPs received by advisers.

Brokers will need to resubmit applications via Beacon’s online Gravity system or over the phone/fax.

Sue Cox, head of intermediary sales at Beacon Mortgage Packaging, says: “If the applications have already been lodged there is nothing really we can do, but what we can do is carry forward DIPs that have been left in the lurch by the Solent collapse.

“We think that there may well be hundreds of brokers out there hit by the administration who are uncertain how to move forward with their cases.

“By coming to us, they will have access to the same products, with the additional advantage that we are part of the Beacon Group, which provides us with greater financial stability in the current changeable marketplace.“

Cox says Beacon has already received a large number of calls from brokers who had satellite arrangements with Solent who were now looking for alternative arrangements.

She adds: “There is undoubtedly going to be considerable fallout from what has happened at Solent and we are only too happy to provide what assistance we can.”


Lament for fading building societies

For some time it’s been clear that 2008 will go down as one of the most turbulent years in financial services history. Nevertheless, the fall of Lehman Brothers, the last-minute sale of Merrill Lynch and HBOS’ demise still came as a shock.


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