Unregulated Mortgage.

beckham100

I have a mortgage with Bank of Ireland previously Bristol and West till they sold out, Anyway I have the main mortgage and then two sub accounts the first sub account was when I sold my first home and moved to the home I am in now and the second sub account is when I borrowed further to refit the kitchen.
My first account is fixed till 2013, the third which is the smallest came out of its fixed rate about 6 months ago and the second finished last month, so I rang to enquire about fixing the 2 sub accounts that have finished the fixed rate and was told it was not straight forward as part of the mortgage is unregulated and that solicitors would need to be involved, but they would pay the costs of the basic switch, I had some paperwork through and it looks as though they are going to take out a new loan to pay off the 2 sub accounts and start again,
I am totally confused can anyone give me any advice does this sound ok, it all seems really strange and very complicated,and they have said if I do not do it they can not offer me a fixed rate.

kingstreet

If these were taken out prior to 1 November 2004, they weren't subject to statutory regulation, but to the self-regulation which applied before. I've never come across this before, but I can understand the reasoning behind it.