Release of Property
A Release of Property is when a borrower wants to release one or more of the properties from their historic multi-property account. All the properties in the portfolio are held under a single mortgage account, with the rental income and loan to value (LTV) being averaged across the portfolio. The entire mortgage balance is secured against all the properties held and individual loans aren’t linked to specific properties.
Our historic multi-property account range was withdrawn in December 2008 and additional borrowing is no longer accepted. However, properties can be released and substituted from the portfolio. Following the withdrawal of this type of account, we now lend to portfolio landlords on a ‘one property, one account’ basis.
Releasing a property allows one or more properties to be sold or remortgaged without fully redeeming the portfolio mortgage account. If you want to release all properties in a portfolio at the same time, a Release of Property isn’t required.
Use our Release of Property calculator which provides you an estimate of the amount required to release your property from your TMW portfolio.
Requesting a Release of Property
You can request a Release of Property directly or instruct a solicitor or broker to act on your behalf. If you do instruct a solicitor or broker to act on your behalf, the relevant third party authority section of the application form will need to be completed. Completion of this section of the form will allow your solicitor or broker to have authority only in relation to the Release of Property request.
There’s an administration fee of £140 to release a property. If a whole portfolio account is being redeemed, the administration fee will be £140.
How long does it take to receive a quote to release a property?
The final quote will take approximately 20 working days, from receiving your request to sending the final quote. However, this depends on the overall size of the portfolio and the valuations required, as detailed below. Failure to fully complete this application form may delay the Release of Property figure.
Release of Property application form
Complete this form to apply to release a property from a Portfolio account with The Mortgage Works.Download application form
Release of Property calculator
Find an estimate of the amount required to release your property from your portfolio with The Mortgage Works.Use our calculator
Frequently asked questions
Is a new valuation required? This will reveal additional content
How is the Release of Property figure calculated? This will reveal additional content
Can I request a quote for more than one property? This will reveal additional content
How long is the quote valid for? This will reveal additional content
Will my direct debit be automatically amended? This will reveal additional content
Can I remortgage a property to The Mortgage Works from a historic multi-property account? This will reveal additional content