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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

drawdown mortgage

    12a lifetime mortgage contract where:

      1. (a) the amount borrowed is paid by the mortgage lender to the customer in instalments during the life of the mortgage; and
      1. (b) the size and frequency of the instalments are:
        1. (1) agreed between the mortgage lender and the customer; or
        1. (2) set by reference to an index or interest rate (such as the 80Official Bank Rate80).