regulated mortgage contract
- regulated mortgage contract
-
• 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.
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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