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Our historic multi-property account range was withdrawn in December 2008 and additional borrowing is no longer accepted.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.
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.
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.