On the control knob, how many positions are there? There should one in I think the 10 o'clock position for folding.
at least you have the parking mirror thats a good thing to save the alloys from a kerbing!
Is your car an older one eg 05-plate? I wonder whether it was standard fitment and then later changed to be part of the lux pack. Otherwise possible retrofit.
The Folding mirrors are really poor in the MK5, they reduce the car's width profile about 10mm each side!