The Mortgage Works / UCB

tommay

If anyone has a mortgage with TMW and plans on doing further lending with a seperate company do it quick because soon TMW won't consent to second loans secured on the same property.
I imagine UCB going the same way too.

Rabiddog_2

Thats a bit nasty.. are they allowed to do that?
I mean they could charge you an extortionate rate of interest without any choice for you. Or is this thier way of shedding risky customers

tommay

Yeah they're allowed to it.
It doesn't mean they can up their rates because you can still redeem and leave. It just stops you taking out another loan secured on the same property. Reasons behind it are basically the "second charge" companies are too trigger happy on repossessions and it's not a good market currently to be selling repossessed homes.