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MCD exempt lifetime mortgage

    99a regulated mortgage contract or an article 3(1)(b) credit agreement under which the lender:

      1. (a) contributes a lump sum, periodic payments or other forms of credit disbursement in return for a sum deriving from the future sale of residential immovable property or a right relating to residential immovable property; and
      1. (b) will not seek repayment of the capital until the occurrence of one or more of the specified life events, unless the customer breaches their contractual obligations (including any obligation to pay interest during the term) which allows the lender to terminate the agreement.

    [Note: article 3(2)(a) of the MCD]