How do I apply?
You'll need to complete a Part Release application form and return it to us along with payment of our administration fee of £95. If you are releasing part of a single property title, we'll also need a plan showing the property with the section you wish to release clearly highlighted. You can call us, write to us by post or email, or click here for an application form.
What's the process?
Once we receive your completed application form and the associated information, we'll complete an initial review to determine whether we can consider your request, within 72 hours of receipt.
If we can consider the application, we'll look at the value of the property you want to keep mortgaged with us and calculate how much we can continue to lend against it.
In some cases we'll need one of our panel surveyors to complete a full valuation of the property you want to keep mortgaged to us. Instances include where you are splitting a title, if the property has changed since we completed your loan, or if you want to retain some of the proceeds. If this is needed for your application, we'll let you know how much our surveyor will charge and obtain payment from you. If a surveyor is needed, it usually takes around 7 working days from payment of their fee to receipt of the valuation report.
In the majority of cases, releasing part of the security will reduce its value. If your loan balance is higher than the amount we would normally lend against the revised property valuation, you'll need to pay the difference back to us. If your mortgage is subject to Early Repayment Charges, these will be applied to the amount you repay.
We'll also need to check that you can still afford the remaining mortgage with us, so if the release will reduce the income you receive, we'll need to assess your affordability.
If you're releasing part of a title, our solicitors will need to review the formalities to make sure they are in order for our secured lending purposes. Our solicitors' fees are usually circa Â£225 + VAT, though the actual amount will depend on the complexity of the transaction. Our solicitors usually complete their review within 48 hours of instruction. If there are any queries in relation to the formalities, our solicitors will raise these directly with your legal representative to ensure these are resolved as quickly as possible.
Is there a chance you will decline my application?
As with any application, there is the chance that your application could be declined. This is rare, however instances may include the property you intend to keep mortgaged to us is not suitable (by itself) for secured lending purposes, or the product you have will not allow the release.