Related provisions for PERG 4.10B.10

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There are three main conditions for regulated mortgage activities to be CBTL business:(1) the activities must relate to buy-to-let credit agreements (see PERG 4.10B.5G);(2) the borrower must be acting as a consumer (see PERG 4.10B.10G(2)); and(3) the activities must come within the definition of CBTL business (see PERG 4.10B.8G).
(1) A buy-to-let credit agreement means either:(a) a contract that at the time it is entered into has the following characteristics:(i) a lender provides credit to an individual or trustees (the 'borrower');(ii) the contract provides for the obligation of the borrower to repay to be secured by a mortgage on land in the United Kingdom3;(iii) at least 40% of that land is used, or is intended to be used, as or in connection with a dwelling2 (or, where trustees are the borrower, by

Table: Definition of consumer buy-to-let business



Entering into, or promising to enter into, aCBTL credit agreement in the course of a trade, business or profession (acting as a CBTL lender)

See PERG 4.10B.11G(1)

Administering a CBTL credit agreement in the course of a trade, business or profession (acting as a CBTL lender)

See PERG 4.10B.11G(2)

Acting as a CBTL arranger in relation to a CBTL credit agreement

See PERG 4.10B.12G

Acting as a CBTL adviser in relation to a CBTL credit agreement

See PERG 4.10B.13

A CBTL credit agreement is explained in PERG 4.10B.10G

PERG 4.10B.11GRP
(1) PERG 4.4.32G explains when a borrower is regarded as entering into a buy-to-let credit agreement for the purpose of a business carried on, or intended to be carried on, by the borrower.(2) A person administers a CBTL credit agreement if the person carries on administering a regulated mortgage contract in respect of the CBTL credit agreement, or would carry on that regulated activity in respect of the CBTL credit agreement if it was not a person included on the FCA register
PERG 4.10B.12GRP
A person is acting as a CBTL arranger if the person:(1) is not a lender as described in the first row of the table in PERG 4.10B.9G;(2) is not merely introducing, either directly or indirectly, a borrower to a lender or credit intermediary;(3) is acting in the course of the person’s trade, business or profession, for remuneration, which may take a pecuniary form or any other agreed form of financial consideration; and(4) meets one or more of the following conditions:(a) the person
PERG 4.10B.15GRP
(1) The definitions of CBTL arranger and CBTL adviser are largely the same as those under the legislation which implemented the MCD3.(2) There is guidance on these terms in PERG 4.10A (Activities within scope of3 the Mortgage Credit Directive).(3) The main difference between the definitions in this section and those in PERG 4.10A is that this section only relates to CBTL credit agreements.
PERG 4.4.32GRP
For a buy-to-let credit agreement (described in PERG 4.10B.5G), article 61A(5) of the Regulated Activities Order says that a borrower is to be regarded as entering into an agreement, or intending to enter into an agreement, for the purposes of a business if (1) or (2) are met:6(1) (a) the borrower previously purchased, or is entering into the contract in order to finance the purchase by the borrower of, the land secured by the mortgage;6(b) at the time of the purchase the borrower
SUP 16.21.1DRP
This section applies to a CBTL firm that enters into or promises to enter into a CBTL credit agreement as lender, or a CBTL firm in which the rights and obligations of the lender under a CBTL credit agreement are vested.
SUP 15.13.4GRP
The circumstances in which a CBTL firm which does not have a Part 4A permission should notify the FCA include but are not limited to when:(1) it ceases to carry on CBTL business and does not propose to resume carrying on CBTL business in the immediate future; this does not include circumstances where the CBTL firm temporarily withdraws its products from the market or is preparing to launch fresh products; or(2) it changes its registered office or place of residence as the case
9The following activities are excluded from the regulated activity of credit broking:Introducing by individuals in the course of canvassing off trade premises(1) Activities carried on by an individual by canvassing off trade premises:(a) a restricted-use credit agreement to finance a transaction between the lender or a member of the lender's group and the borrower; or(b) a regulated consumer hire agreement;are excluded from credit broking, as long as the individual does not carry
3Advice given by an unauthorised person in relation to a home finance transaction or advising on regulated credit agreements for the acquisition of land12 in the circumstances referred to in PERG 2.8.6AG (5)(a) or (b) (Arranging deals in investments and arranging a home finance transaction) is also excluded. In addition:(1) the following exclusions apply in specified circumstances where a person is advising on investments, advising on regulated credit agreements for the acquisition
(1) 2Mortgage contracts that potentially became regulated mortgage contracts on 21 March 2016 include, for example:(a) mortgages entered into before 31 October 2004;(b) second charge mortgages; and(c) equitable mortgages.(2) However: (a) a mortgage contract entered into before 21 March 2016, which was not already a regulated mortgage contract only became a regulated mortgage contract if it was a ‘consumer credit back book mortgage contract’ within the meaning of article 2 of
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444