Obtaining and reading a The Mortgage Business redemption statement
The route is set out in Part 2 of the Handbook, and Part 2 is amended without notice. What to ask The Mortgage Business for, and what to confirm before completion.
- Minimum notice
- 5 working days
- Handbook reference
- Part 2 · 17.2.1a/b
- The Mortgage Business Part 2 last changed
- 2026
- Years with a change
- 8 of the 10 to 2026
- Jurisdiction
- England & Wales
Part 2 of the UK Finance Mortgage Lenders' Handbook is amended by lenders without notice. Check the current version before relying on any requirement described here.
What to quote when you write to The Mortgage Business
Most of the delay on a redemption statement comes from establishing what the lender wants before anyone starts drafting. Getting that answer early is usually worth more than any amount of chasing later.
Three things decide whether a request comes back first time: enough notice, a clear statement of your authority, and a complete list of accounts. Give The Mortgage Business all three in the same letter.
The date you expect to redeem
Quote it explicitly. The figure is calculated to a date, and a statement raised to the wrong one is a statement you have to ask for again.
Who you act for
State that you are retained by the borrower, or that you hold their written authority. A lender that cannot tell which applies is entitled to decline.
Every account or roll number
Take them from the official copies and from the client, not from one or the other. Where The Mortgage Business holds several loans on one charge, a figure covering some of them does not clear it.
How you intend to pay
Say so, and label the payment so it can be allocated on arrival. A cheque should be payable to The Mortgage Business and carry the account number and the borrower's name; a transfer should carry the account number, your firm name and your address.
Room for the date to move
Five working days is the minimum notice, and a completion date that moves is the ordinary case rather than the exception. Asking with room to ask again is cheaper than asking twice in a hurry.
Four checks on a The Mortgage Business redemption statement
The figure is the part everyone reads and the part that goes wrong least. What produces claims is the charge reference, the loans the figure does not cover, and an assumption nobody printed.
Does it match the charge you are redeeming
Read the account reference on the statement against the charge on the official copies rather than against your file note. A borrower can hold more than one secured account with The Mortgage Business, and the two look alike on a letter.
Does it cover everything that charge secures
A single charge can stand behind several advances, including further lending taken years later. A figure that clears one advance leaves the charge on the register, and the loans it does not cover are the ones nobody mentioned.
What has it assumed about the final month
Mid-month redemptions are treated differently by different lenders: some take the whole month, some exclude payments falling after the redemption date. Where the statement does not say, get the assumption in writing before you tell the client anything about the direct debit.
Are the charges itemised, and does the client recognise them
Early repayment and final repayment charges belong on the face of the statement. Send the client a copy so they can confirm every loan they meant to redeem is on it, and send your completion statement in time for the payment to be authorised.
What follows a The Mortgage Business redemption at HM Land Registry
On the day of completion, send the discharge, if one is required, together with your remittance for the repayment. Part 2 of the Handbook is where the route is set out: one paragraph asks where the discharge and repayment remittance go, and the next asks whether the lender discharges by DS1 or direct with HM Land Registry. Check the current answers for The Mortgage Business before completion.
An electronic discharge is sent from the lender's system straight to HM Land Registry, which runs its checks and, in most cases, cancels the charge entries immediately on receipt. It needs no separate paper application and no manual intervention, and it can only be used for a discharge of whole. An e-DS1 is a distinct route: the lender indicates on the redemption statement that it will use one, you tell them which charges are being redeemed and pay in the normal way, and the lender submits the e-DS1 once the correct payment has been received.
Where the position is not explicit, the guidance the Building Societies Association and the Law Society issued to their members in 1985 still describes the expectation: lenders should aim to return the receipted mortgage or Form DS1 within seven days, and should tell the seller's solicitor if there is likely to be a delay beyond that, so the buyer's solicitor can lodge an application to protect priority.
Not a rhetorical instruction: The Mortgage Business has changed its Part 2 in 8 of the 10 years to 2026, most recently in 2026. Counted from the Lexsure Part 2 change record, which holds the years a Part 2 was amended rather than what any amendment said. Part 2 is amended without notice, so the version to read is the current one whichever way that count goes.
The Mortgage Business redemptions: questions conveyancers ask
Is your firm listed where borrowers are looking?
Panel membership decides whether you can act at all. LenderPanel maintains the directory borrowers search when they are choosing a conveyancer, including for The Mortgage Business.