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?
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?
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