Will my current lender need to provide settlement figures or consent?
Short answer first
Yes — in most cases your current lender will need to provide a settlement figure and may need to give formal consent before you refinance, pay out early, or transfer secured borrowing. The lender’s loan agreement and any security documentation set out when figures and consent are required.
What a settlement figure is and when you’ll need one
A settlement figure is a definitive amount from your lender that clears your debt to a specific date. It includes outstanding principal, accrued interest, early repayment fees and any legal or admin charges that apply.
You will normally request a settlement figure when you intend to repay or refinance a facility, or where another lender or broker requires proof of the outstanding balance. Allow time — lenders typically quote figures valid for a fixed number of days.
When lender consent is usually required
Consent is commonly required where the loan is secured against business assets or property, or where the contract forbids assignment or variation without permission. Examples include changing the borrower, adding a lender, or releasing security to a third party.
If your loan is unsecured and the contract allows repayment without penalty, consent may not be needed, but you should always check the agreement and seek a settlement figure to be certain of charges.
Practical steps to obtain figures and consent
Start by reviewing your loan agreement and any security documents to identify notice periods and consent clauses. Contact your lender’s servicing team to request a mortgage or loan settlement statement in writing.
If you are refinancing, your proposed new lender or broker will usually request the settlement figure and may help manage consent communications. Best Business Loans can introduce you to brokers who handle these steps and speed up the process.
Common complications and how to avoid them
Complications include notice periods, early repayment penalties, fixed-rate break costs, and charges to discharge security (eg legal fees to remove a charge from Companies House). Unexpected admin or solicitor delays can also slow completion.
Avoid surprises by asking for a settlement figure early in negotiations, instructing solicitors promptly, and ensuring you understand whether consent is discretionary or automatic under the contract. Where multiple secured lenders exist, coordinated consent will be required.
Next steps, compliance and getting help
Best Business Loans does not provide loans or regulated advice; we act as an introducer to help you find lenders and brokers who can obtain settlement figures and consent. If you’re considering refinance or consolidation, getting a settlement figure is one of the first practical steps.
To move forward, submit a Quick Quote for a Decision in Principle or eligibility check and our AI matching will connect you with lenders or brokers experienced in managing settlement and consent. For guidance on refinance options see our refinance page: Refinance options.
Key takeaways
In short: expect to request a settlement figure and, in many cases, to obtain lender consent for refinance or changes to secured borrowing. Read your documents, request figures early, and use specialist brokers or lenders to handle consents and discharge steps.
Ready to check your options? Complete a Quick Quote and we’ll match you with providers who can help obtain settlement figures and manage consent efficiently.