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Bristol&West unregulated FLEXI mortgage

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I took out a Bristol&West flexi mortage in 2001, I did not know it was unregulated until recently when I went to use my drawdown facility - they said I wasn't allowed to take out money as the mortgage was unregulated (yet there was no mention when I repaid a lump sumearlier in the year) and the FSA have told them that their mortgages must now be regulated, which they informed me of 2 years ago, which I know nothing about. To continue with my mortgage deal their solicitor will convert the mortgage to a regulated one which is the same product. Simple or so I thought - today I received a whole pack of paperwork about remortgaging from them and their solicitor asking for all the information I gave them 8 years ago. Is the FSA forcing them to regulate and why do I have to go through the inconvienience of giving them personal information which they already have? Any thoughts would be much appreciated.

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Regulation was introduced in 2004 to protect borrowers from dodgy lenders. There's nothing to worry about here and B&W are to be commended by doing this as mortgages taken out before 2004 can remain unregulated throughout their term. Quite a few lenders are using this as a loophole to save having to create regulated mortgages but the FSA is pushing to make it compulsory.

 

Providing it doesn't cost you anything (it shouldn't) you should take advantage as it puts you in a safer position. They should have all the info they need in your case file, so I'm a bit fuzzy as to why you're being asked for it again?

 

Are they asking for current info or the stuff from 8 years back?

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Thanks for your reply, your explanation is clearer than the B&W employees. I had a call from them that say it is their procedure to make me an "offer" as though it is a new mortgage but it has the old terms therefore they need all my current details (which haven't changed), and they will take the fees off even though they are on the contract. Their solicitor has also asked for my current details as well. I can understand that I would be in a better position having a regulated mortgage, but I am about to purchase the freehold so was going to use the drawdown facility for this. My neighbours and I have forced our freeholder to sell to us so currently our relationship with the freeholder is not great and only through our solicitors. If it is not compulsory for unregulated mortgages to be regulated then I should be able to use the drawdown facility. I will ring B&W again tomorrow as they cannot seem to be able to produce any documentation stating that the mortgage must be regulated before I can use the drawdown.

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This is good progress. I can't see why an unregulated mortgage should have features that a regulated mortgage doesn't have. If you make it clare that the replacement mortgage must still offer a drawdown facility, and if there are genuinely no charges resulting from the changeover I would go for it.

 

If you cannot have the drawdown facility under the new terms, then stay as you are.

 

One of the huge benefits of new regulated agreements is that the exit fees are much smaller, or even zero, where before they could cost several hundred pounds.

 

The most important thing is that any new agreement should be prefeaced by a KFI (Key Facts Illustration) which details all the features and benefits as well as the costs and any fees payable.

 

This is a very powerful legal document that clearly lays out everything relating to the agreement and which must be matched, line by line by the subsequent Offer of Loan.

 

If there are any discrepancies whatsoever, the agreement cannot be upheld.

 

From your response I would guess that the "new" offer will be on the old terms so your drawdown facility should still be available.

Edited by rickyd

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