Our Salt (DHLL) regulated Mortgage has transferred to The Mortgage Works.

[Simples]

The administration of our Salt residential mortgage transferred to The Mortgage Works (an Unregulated Lender). We were notified of this in July 2011.
Under our Salt mortgage we were permitted to take out a second charge loan. The Mortgage Works has now refused permission for us to take out a 2nd charge loan to carry out home improvements.
TMW have informed us that we now have no rights under our Salt mortgage. We have to conform to TMW terms and conditions. We have never signed anything for TMW indicating the transference of our rights. Does anyone have any idea where we would stand with this? How can an unregulated lender administer a regulated product?

[Celestine]

In the original T&C's for Salt will have been discreet terms allowing them to vary terms in future as well as the right to sell on accounts. Unfortunately, ancillary terms such as rights to second loans do not transfer over to the new company. In this, you do not have many rights but limited protection from huge interest increases. The only route is to initiate a formal complaint with TMW and speak with the FOS for advice also.

[Simples]

Thank you Celeste. What I also do not understand is how an Unregulated lender is now responsible for our regulated mortgage?

[Celestine]

No nor do we Simples, this market has been an absolute nightmare for years. I recall previous CCA disputes I have looked at where the loan amount was over 25k and suddenly all protections fell away??! How can larger debt mean lower regulatory requirements? The sub prime secured lending market is a disgrace.