regulated mortgage contract

regulated mortgage contract
For the purposes of the Financial Services and Markets Act 2000 (FSMA), a contract where, at the time it is entered into, the following conditions are met:
• The contract is one under which a person (the lender) provides credit to an individual or to trustees (the borrower).
• The contract provides for the obligation of the borrower to repay to be secured by a first legal mortgage on land (other than timeshare accommodation) in the UK.
At least 40% of that land is used, or is intended to be used, as or in connection with a dwelling by the borrower or (in the case of credit provided to trustees) by an individual who is a beneficiary of the trust, or by a related person.
From 31 October 2004, the regulation of mortgage lending, sales and administration will become regulated activities (regulated activity) under FSMA.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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