Derbyshire Homeloan transferred to The Mortgage Works

[Meerkat One]

In July 2011 the administration of our regulated residential mortgage was transferred from Derbyshire Home Loan to unregulated Buy to Let lender The Mortgage Works. 

 

The Mortgage Works claim our rights under our original mortgage have gone and we have to abide by The Mortgage Works Terms and Conditions.  

 

Does anyone have any knowledge that this is correct?

 

Any views very welcome!

Edited February 27, 2022 by dx100uk
Blank lines added

[dx100uk]

Not unless you signed a new agreement.

 

Dx

[Meerkat One]

Thank you dx100uk for your response.

No we have never signed a new agreement. Our mortgage is the same as we took out in 2006.  TMW insist we now have to comply with their lending criteria and they do not have to provide us with proof that this is so

[Meerkat One]

We wanted to take out a secured loan to carry out essential home improvements.  This we were able to do under DHLL.  TMW inform us that we now have to comply with their current lending criteria which does not allow 2nd charge loans.

As TMW are an unregulated lender unable to facilitate further borrowing on a residential property, we found a lender who is happy to lend as a 2nd charge.

I have a copy of our original mortgage offer which sets out that our rights will not change if our mortgage was sold on or administered by another lender.  I also have a copy of DHLL lending criteria applicable at the time we took out our mortgage.

[Ethel Street]

So TMW refused to lend but you have found another lender who will? If that's the case how are TMW's lending criteria relevant if you aren't intending to borrow from them?

[Meerkat One]

In their current lending criteria TMW do not allow 2nd charge loans. Our original lender DHLL did allow 2nd charge loans. 

 

TMW are refusing to allow us to take out a 2nd charge loan even though it is with another lender, because it does not conform to TMW current lending criteria. 

 

We have never signed a new agreement with TMW or received any notification from them that our T & C's have changed. 

 

We have asked them for any paperwork that supports their stance and the reply from TMW was:

 

"This is DHLL Account on which registering 2nd charges aren't within our policy.  When the DHLL mortgage book was taken over by TMW the Terms & Conditions fell inline with ours.  The Manager has stated we didn't need to provide you with paperwork to support this"

 

We don't understand how this can be the case?  If it were, then it makes a mortgage contract a totally useless document?

 

[mantis shrimp]

If TMW does not back down, you have 3 options. 

 

1. remortgage elsewhere, with a lender that does not have this policy if one can be found. 

 

2. sue for damages for unreasonably withholding consent to a second charge. 

 

3. live with the situation.